Swedbank AB Decreases Stake in McGrath RentCorp $MGRC

Key Points

• Swedbank AB reduced its stake in McGrath RentCorp by 38.5% in the first quarter, owning 200,000 shares worth approximately $22,280,000 after selling 125,000 shares.
• McGrath RentCorp reported a quarterly earnings of $1.46 per share, exceeding analysts' estimates of $1.30, with a revenue of $235.62 million, marking a 10.8% increase year-over-year.
• CEO Joseph F. Hanna sold 14,577 shares for about $1.84 million, resulting in a 8.67% decrease in his ownership stake in the company.

Swedbank AB lowered its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 38.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 200,000 shares of the financial services provider's stock after selling 125,000 shares during the period. Swedbank AB owned about 0.81% of McGrath RentCorp worth $22,280,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Strs Ohio bought a new stake in shares of McGrath RentCorp in the first quarter worth $56,000. Focus Partners Wealth bought a new stake in shares of McGrath RentCorp in the fourth quarter worth $136,000. State of Wyoming bought a new stake in shares of McGrath RentCorp in the fourth quarter worth $159,000. Teza Capital Management LLC bought a new stake in shares of McGrath RentCorp in the fourth quarter worth $213,000. Finally, Nisa Investment Advisors LLC grew its holdings 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 acquiring an additional 174 shares during the period. Institutional investors own 92.05% of the company's stock.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC traded up $2.29 during mid-day trading on Thursday, reaching $124.27. The company's stock had a trading volume of 42,298 shares, compared to its average volume of 139,628. The firm has a market capitalization of $3.06 billion, a PE ratio of 12.10, a P/E/G ratio of 1.28 and a beta of 0.61. The stock has a fifty day moving average of $121.05 and a two-hundred day moving average of $115.22. McGrath RentCorp has a 52 week low of $97.81 and a 52 week high of $129.93.

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

Analyst Upgrades and Downgrades

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

Insider Transactions at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,500 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $829,500. This represents a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the company's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value 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 approximately $19,442,762.35. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company's stock.

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.