Swedbank AB Cuts Stock Position in McGrath RentCorp $MGRC

Swedbank AB lowered its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 62.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 75,000 shares of the financial services provider's stock after selling 125,000 shares during the quarter. Swedbank AB owned 0.30% of McGrath RentCorp worth $8,697,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Channing Capital Management LLC purchased a new stake in shares of McGrath RentCorp in the first quarter valued at about $55,049,000. T. Rowe Price Investment Management Inc. grew its holdings in shares of McGrath RentCorp by 13.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider's stock worth $115,685,000 after buying an additional 120,829 shares during the last quarter. New York State Common Retirement Fund boosted its holdings in shares of McGrath RentCorp by 1,337.6% in the first quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider's stock valued at $13,465,000 after acquiring an additional 112,463 shares in the last quarter. Eminence Capital LP boosted its holdings in shares of McGrath RentCorp by 12.0% in the first quarter. Eminence Capital LP now owns 840,071 shares of the financial services provider's stock valued at $93,584,000 after acquiring an additional 89,773 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of McGrath RentCorp in the first quarter valued at about $8,480,000. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Price Performance

Shares of MGRC opened at $120.77 on Monday. The firm's 50 day moving average is $121.11 and its 200-day moving average is $115.28. The stock has a market capitalization of $2.97 billion, a P/E ratio of 11.76, a P/E/G ratio of 1.25 and a beta of 0.61. McGrath RentCorp has a 12-month low of $97.81 and a 12-month high of $129.93.

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

McGrath RentCorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders 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%. McGrath RentCorp's payout ratio is currently 18.89%.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer upped their price objective on McGrath RentCorp from $139.00 to $143.00 and gave the company an "outperform" rating in a research report on Thursday. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $147.50.

Insider Buying and Selling

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total value of $177,750.00. Following the completion of the transaction, the director owned 7,000 shares in the company, valued at approximately $829,500. The trade was a 17.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $126.55, for a total value of $1,844,719.35. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by corporate insiders.

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.

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