Praxis Investment Management Inc. Makes New $394,000 Investment in McGrath RentCorp $MGRC

Key Points

• Praxis Investment Management Inc. has made a new investment in McGrath RentCorp, purchasing 3,400 shares valued at approximately $394,000 during the second quarter.
• The company recently reported earnings of $1.46 EPS for the last quarter, surpassing analysts' expectations of $1.30, with a revenue of $235.62 million.
• McGrath RentCorp will pay a quarterly dividend of $0.485 per share on October 31st, representing an annualized dividend of $1.94 and a yield of 1.6%.

Praxis Investment Management Inc. bought a new position in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,400 shares of the financial services provider's stock, valued at approximately $394,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Adirondack Trust Co. boosted its holdings in McGrath RentCorp by 20.0% in the second quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider's stock worth $70,000 after acquiring an additional 100 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of McGrath RentCorp by 3.9% in the first quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider's stock worth $460,000 after purchasing an additional 153 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of McGrath RentCorp by 9.1% in the first quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after purchasing an additional 174 shares during the last quarter. Hamilton Point Investment Advisors LLC raised its stake in shares of McGrath RentCorp by 0.4% in the first quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider's stock worth $6,051,000 after purchasing an additional 192 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of McGrath RentCorp by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider's stock worth $292,000 after purchasing an additional 209 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $118.95 on Friday. The stock has a market cap of $2.93 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 1.23 and a beta of 0.56. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93. The stock has a fifty day moving average of $120.17 and a 200 day moving average of $115.78.

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

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be 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 is Friday, October 17th. McGrath RentCorp's dividend payout ratio is 18.89%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MGRC shares. Oppenheimer boosted their price target on McGrath RentCorp from $139.00 to $143.00 and gave the stock an "outperform" rating in a research note on Thursday, September 18th. Weiss Ratings restated a "buy (b-)" rating on shares of McGrath RentCorp in a research note on Tuesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $147.50.

Insiders Place Their Bets

In related news, CEO Joseph F. Hanna sold 14,577 shares of the company's stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the completion of the sale, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. This represents a 8.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kimberly Ann Box sold 1,500 shares of the company's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total value of $177,750.00. Following the sale, the director owned 7,000 shares of the company's stock, valued at approximately $829,500. This trade represents a 17.65% decrease in their position. The disclosure for this sale can be found here. 1.40% of the stock is currently owned by corporate insiders.

About McGrath RentCorp

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.

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