TrueMark Investments LLC Takes Position in McGrath RentCorp $MGRC

Key Points

• TrueMark Investments LLC has acquired a new stake in McGrath RentCorp, purchasing 10,264 shares valued at approximately $1.19 million, as disclosed in their Form 13F filing.
• Insider trading activity included Director Kimberly Ann Box selling 1,500 shares and CEO Joseph F. Hanna selling 14,577 shares, indicating a decrease in their respective positions.
• Analyst ratings on McGrath RentCorp remain positive, with a consensus "Buy" rating and an average price target raised to $147.50, reflecting strong investor interest in the company's growth potential.

TrueMark Investments LLC bought a new stake in McGrath RentCorp (NASDAQ:MGRC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,264 shares of the financial services provider's stock, valued at approximately $1,190,000.

A number of other institutional investors have also modified their holdings of MGRC. Wealth Enhancement Advisory Services LLC increased its holdings in shares of McGrath RentCorp by 8.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider's stock valued at $292,000 after purchasing an additional 209 shares during the period. Asset Management One Co. Ltd. boosted its stake in shares of McGrath RentCorp by 32.3% in the first quarter. Asset Management One Co. Ltd. now owns 45,772 shares of the financial services provider's stock valued at $5,099,000 after buying an additional 11,172 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of McGrath RentCorp in the first quarter valued at approximately $1,328,000. Envestnet Asset Management Inc. boosted its stake in shares of McGrath RentCorp by 24.7% in the first quarter. Envestnet Asset Management Inc. now owns 20,600 shares of the financial services provider's stock valued at $2,295,000 after buying an additional 4,085 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake 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 valued at $233,000 after buying an additional 174 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Insider Transactions at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the sale, the director owned 7,000 shares of the company's stock, valued at $829,500. The trade was a 17.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph F. Hanna sold 14,577 shares of McGrath RentCorp stock in a transaction on 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 directly owned 153,637 shares in the company, valued at $19,442,762.35. This trade represents a 8.67% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.40% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on MGRC shares. Weiss Ratings restated a "buy (b-)" rating on shares of McGrath RentCorp in a research note on Tuesday, October 14th. Oppenheimer lifted their price target 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, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $147.50.

McGrath RentCorp Stock Up 1.0%

Shares of NASDAQ:MGRC opened at $118.95 on Friday. McGrath RentCorp has a 52-week low of $97.81 and a 52-week high of $129.93. The stock's fifty day simple moving average is $120.17 and its 200-day simple moving average is $115.78. The company has a market capitalization of $2.93 billion, a P/E ratio of 11.58, a P/E/G ratio of 1.23 and a beta of 0.56.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (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 analyst estimates of $220.71 million. During the same period last year, the company earned $0.84 EPS. The firm's quarterly revenue was up 10.8% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be given a $0.485 dividend. The ex-dividend date of this dividend is Friday, October 17th. This represents a $1.94 annualized dividend and a yield of 1.6%. McGrath RentCorp's dividend payout ratio (DPR) is 18.89%.

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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