Nuveen LLC Invests $8.48 Million in McGrath RentCorp $MGRC

Key Points

• Nuveen LLC recently acquired 76,121 shares of McGrath RentCorp, valued at approximately $8.48 million, which represents 0.31% of the company's stock.
• McGrath RentCorp reported an earnings per share (EPS) of $1.46 for the last quarter, exceeding estimates and demonstrating a 10.8% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.485 per share, resulting in a 1.6% dividend yield for investors.

Nuveen LLC purchased a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 76,121 shares of the financial services provider's stock, valued at approximately $8,480,000. Nuveen LLC owned about 0.31% of McGrath RentCorp as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in shares of McGrath RentCorp by 9.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock valued at $233,000 after purchasing an additional 174 shares in the last quarter. Hamilton Point Investment Advisors LLC boosted its stake in shares of McGrath RentCorp by 0.4% during the 1st quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider's stock valued at $6,051,000 after purchasing an additional 192 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of McGrath RentCorp by 8.7% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider's stock valued at $292,000 after purchasing an additional 209 shares in the last quarter. Forum Financial Management LP boosted its stake in shares of McGrath RentCorp by 11.2% during the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider's stock valued at $240,000 after purchasing an additional 216 shares in the last quarter. Finally, EP Wealth Advisors LLC boosted its stake in shares of McGrath RentCorp by 11.0% during the 4th quarter. EP Wealth Advisors LLC now owns 2,416 shares of the financial services provider's stock valued at $270,000 after purchasing an additional 239 shares in the last quarter. Institutional investors own 92.05% of the company's stock.

Insider Buying and Selling at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the completion of the transaction, the chief executive officer directly owned 153,637 shares of the company's stock, valued at $19,442,762.35. This trade represents a 8.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Trease Kristina Van sold 2,221 shares of McGrath RentCorp stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the transaction, the insider directly owned 6,694 shares of the company's stock, valued at $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,519 shares of company stock valued at $2,645,800. Insiders own 1.40% of the company's stock.

McGrath RentCorp Price Performance

NASDAQ MGRC traded down $3.08 during trading hours on Friday, reaching $121.49. 102,176 shares of the company's stock traded hands, compared to its average volume of 117,985. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93. The firm has a market cap of $2.99 billion, a PE ratio of 11.83, a PEG ratio of 1.29 and a beta of 0.66. The firm has a 50-day simple moving average of $119.62 and a 200 day simple moving average of $115.24.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The company had revenue of $235.62 million during the quarter, compared to analysts' expectations of $220.71 million. During the same period last year, the company posted $0.84 EPS. McGrath RentCorp's revenue was up 10.8% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. Sell-side analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 17th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Thursday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is 18.89%.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.