T. Rowe Price Investment Management Inc. Has $115.69 Million Stake in McGrath RentCorp $MGRC

Key Points

• T. Rowe Price Investment Management Inc. increased its holdings in McGrath RentCorp by 13.2%, purchasing 120,829 additional shares and now owns 1,038,460 shares worth approximately $115.7 million.
• McGrath RentCorp reported a quarterly EPS of $1.46, exceeding analysts' expectations of $1.30, while revenue for the quarter rose by 10.8% year-over-year to $235.62 million.
• The company declared a quarterly dividend of $0.485, which contributes to an annual dividend yield of 1.6% and a payout ratio of 18.89%.

T. Rowe Price Investment Management Inc. raised its holdings in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 13.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,038,460 shares of the financial services provider's stock after acquiring an additional 120,829 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 4.22% of McGrath RentCorp worth $115,685,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in McGrath RentCorp by 6.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 788,760 shares of the financial services provider's stock valued at $88,198,000 after acquiring an additional 50,674 shares in the last quarter. Eminence Capital LP purchased a new position in McGrath RentCorp during the 4th quarter valued at about $83,898,000. Victory Capital Management Inc. grew its stake in McGrath RentCorp by 1.1% during the 1st quarter. Victory Capital Management Inc. now owns 648,772 shares of the financial services provider's stock valued at $72,273,000 after acquiring an additional 7,063 shares in the last quarter. Snyder Capital Management L P increased its holdings in McGrath RentCorp by 25.3% in the fourth quarter. Snyder Capital Management L P now owns 400,250 shares of the financial services provider's stock worth $44,756,000 after buying an additional 80,908 shares during the last quarter. Finally, Silvercrest Asset Management Group LLC increased its holdings in McGrath RentCorp by 12.1% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 333,046 shares of the financial services provider's stock worth $37,241,000 after buying an additional 36,057 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

McGrath RentCorp Price Performance

NASDAQ:MGRC traded up $6.22 during mid-day trading on Friday, reaching $124.02. The stock had a trading volume of 109,477 shares, compared to its average volume of 130,748. The business's 50 day moving average is $118.58 and its 200 day moving average is $115.09. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The stock has a market cap of $3.05 billion, a P/E ratio of 12.08, a PEG ratio of 1.28 and a beta of 0.66.

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

McGrath RentCorp Dividend Announcement

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

Insider Buying and Selling

In other McGrath RentCorp news, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction that occurred on 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 sale, the chief accounting officer owned 6,694 shares of the company's stock, valued at $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph F. Hanna sold 14,577 shares of the company's stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 153,637 shares of the company's stock, valued at $19,442,762.35. The trade was a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,519 shares of company stock worth $2,645,800 over the last ninety days. Company 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.