TD Asset Management Inc Sells 4,916 Shares of McGrath RentCorp $MGRC

Key Points

• TD Asset Management Inc has reduced its stake in McGrath RentCorp (NASDAQ:MGRC) by 22.6% after selling 4,916 shares in the second quarter, now holding 16,824 shares valued at approximately $1.95 million.
• McGrath RentCorp reported earnings of $1.46 per share for the last quarter, exceeding expectations, and announced a quarterly dividend of $0.485 per share, with a yield of 1.6%.
• Analysts maintain a consensus "Buy" rating for McGrath RentCorp, with an average target price of $147.50, following recent price upgrades by firms such as Oppenheimer.

TD Asset Management Inc lowered its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 22.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,824 shares of the financial services provider's stock after selling 4,916 shares during the quarter. TD Asset Management Inc owned 0.07% of McGrath RentCorp worth $1,951,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Strs Ohio bought a new stake in McGrath RentCorp during the first quarter worth $56,000. Adirondack Trust Co. grew its stake in McGrath RentCorp by 20.0% in the 2nd quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 100 shares during the period. Vanguard Personalized Indexing Management LLC bought a new position in McGrath RentCorp in the 2nd quarter valued at $201,000. Focus Partners Wealth grew its stake in McGrath RentCorp by 68.6% in the 1st quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider's stock valued at $228,000 after purchasing an additional 832 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in McGrath RentCorp by 9.1% in 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 during the period. Institutional investors own 92.05% of the company's stock.

Analyst Upgrades and Downgrades

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

McGrath RentCorp Stock Performance

MGRC stock opened at $120.92 on Wednesday. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 1.24 and a beta of 0.56. McGrath RentCorp has a fifty-two week low of $97.81 and a fifty-two week high of $129.93. The stock has a fifty day moving average of $120.18 and a 200-day moving average of $115.98.

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

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Friday, October 17th will be paid a dividend of $0.485 per share. The ex-dividend date is Friday, October 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.6%. McGrath RentCorp's dividend payout ratio is presently 18.89%.

Insider Buying and Selling at McGrath RentCorp

In related news, CEO Joseph F. Hanna sold 14,577 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. This represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kimberly Ann Box sold 1,500 shares of the 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 sale, the director directly owned 7,000 shares in the company, valued at $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.

McGrath RentCorp 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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