Vanguard Group Inc. Has $298.32 Million Stock Holdings in McGrath RentCorp $MGRC

Key Points

• Vanguard Group Inc. reduced its stake in McGrath RentCorp by 1.8%, selling 48,191 shares, and now owns approximately 10.88% of the company, valued at $298.3 million.
• McGrath RentCorp received a buy rating from Wall Street analysts, with expectations of strong earnings growth, reporting $1.46 EPS, surpassing estimates of $1.30.
• The company announced a quarterly dividend of $0.485, representing an annual yield of 1.6%, with a payout ratio of 18.89%.

Vanguard Group Inc. reduced its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 1.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,677,942 shares of the financial services provider's stock after selling 48,191 shares during the quarter. Vanguard Group Inc. owned approximately 10.88% of McGrath RentCorp worth $298,323,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Premier Fund Managers Ltd acquired a new stake in shares of McGrath RentCorp during the first quarter worth approximately $428,000. Meeder Asset Management Inc. boosted its holdings in shares of McGrath RentCorp by 3,944.3% during the first quarter. Meeder Asset Management Inc. now owns 2,831 shares of the financial services provider's stock worth $315,000 after purchasing an additional 2,761 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of McGrath RentCorp by 4.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,197 shares of the financial services provider's stock worth $913,000 after purchasing an additional 317 shares during the period. TD Asset Management Inc boosted its holdings in shares of McGrath RentCorp by 10.9% during the first quarter. TD Asset Management Inc now owns 21,740 shares of the financial services provider's stock worth $2,422,000 after purchasing an additional 2,140 shares during the period. Finally, Hamilton Point Investment Advisors LLC boosted its holdings in shares of McGrath RentCorp by 0.4% during the first quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider's stock worth $6,051,000 after purchasing an additional 192 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, CAO David M. Whitney sold 2,221 shares of McGrath RentCorp stock in a transaction on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the sale, the chief accounting officer owned 6,694 shares in the company, valued at $764,521.74. The trade was a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction on Wednesday, August 6th. The stock was 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 in the company, valued at $829,500. This represents a 17.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 21,519 shares of company stock worth $2,645,800 over the last three months. 1.40% of the stock is currently owned by corporate insiders.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock traded up $6.22 during midday trading on Friday, hitting $124.02. The company had a trading volume of 109,477 shares, compared to its average volume of 136,323. The business's 50 day simple moving average is $118.58 and its two-hundred day simple moving average is $115.21. The stock has a market cap of $3.05 billion, a PE ratio of 12.08, a P/E/G ratio of 1.22 and a beta of 0.66. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93.

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

McGrath RentCorp Dividend Announcement

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

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a research report on Friday, April 25th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $145.50.

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.