The Manufacturers Life Insurance Company Takes Position in McGrath RentCorp $MGRC

The Manufacturers Life Insurance Company bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 12,788 shares of the financial services provider's stock, valued at approximately $1,548,000. The Manufacturers Life Insurance Company owned 0.05% of McGrath RentCorp at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. EverSource Wealth Advisors LLC raised its stake in McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 238 shares during the period. Danske Bank A S bought a new position in McGrath RentCorp during the third quarter worth $47,000. Strs Ohio bought a new position in McGrath RentCorp during the first quarter worth $56,000. Covestor Ltd increased its holdings in shares of McGrath RentCorp by 52.0% in the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider's stock valued at $145,000 after purchasing an additional 474 shares during the last quarter. Finally, Voleon Capital Management LP bought a new position in shares of McGrath RentCorp in the third quarter valued at about $204,000. 92.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings upgraded shares of McGrath RentCorp from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 28th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $141.50.

McGrath RentCorp Stock Up 0.4%

Shares of NASDAQ:MGRC opened at $109.90 on Friday. The company's 50 day moving average price is $117.52 and its two-hundred day moving average price is $113.92. McGrath RentCorp has a 12-month low of $94.99 and a 12-month high of $127.68. The firm has a market cap of $2.68 billion, a PE ratio of 17.70, a PEG ratio of 1.11 and a beta of 0.45.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $1.47 by ($0.10). The business had revenue of $221.11 million during the quarter, compared to analyst estimates of $236.51 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. On average, research analysts expect that McGrath RentCorp will post 6.37 EPS for the current year.

Insider Activity

In other McGrath RentCorp news, insider Kristina Van Trease sold 3,783 shares of McGrath RentCorp stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the transaction, the insider directly owned 6,533 shares of the company's stock, valued at $742,475.45. The trade was a 36.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David Whitney sold 3,783 shares of the company's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total value of $429,937.95. Following the sale, the chief accounting officer owned 6,533 shares of the company's stock, valued at approximately $742,475.45. The trade was a 36.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 25,408 shares of company stock worth $3,014,686. 1.40% of the stock is currently owned by insiders.

About McGrath RentCorp

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.

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