Wellington Management Group LLP Cuts Stock Position in McGrath RentCorp $MGRC

Key Points

• Wellington Management Group LLP reduced its stake in McGrath RentCorp by 27%, now holding 398,063 shares valued at approximately $44.34 million.
• McGrath RentCorp reported a quarterly EPS of $1.46, exceeding estimates by $0.16, and a year-over-year revenue increase of 10.8% to $235.62 million.
• The company declared a quarterly dividend of $0.485, with an annualized yield of 1.6%, reflecting a payout ratio of 18.89%.

Wellington Management Group LLP trimmed its stake in shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) by 27.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 398,063 shares of the financial services provider's stock after selling 147,598 shares during the quarter. Wellington Management Group LLP owned 1.62% of McGrath RentCorp worth $44,344,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Versor Investments LP bought a new stake in shares of McGrath RentCorp during the 1st quarter valued at $445,000. Raymond James Financial Inc. increased its stake in McGrath RentCorp by 25.1% in the 1st quarter. Raymond James Financial Inc. now owns 147,448 shares of the financial services provider's stock worth $16,425,000 after acquiring an additional 29,587 shares during the last quarter. Fox Run Management L.L.C. increased its stake in McGrath RentCorp by 234.8% in the 1st quarter. Fox Run Management L.L.C. now owns 8,461 shares of the financial services provider's stock worth $943,000 after acquiring an additional 5,934 shares during the last quarter. Nuveen LLC bought a new position in McGrath RentCorp in the 1st quarter worth about $8,480,000. Finally, Virtu Financial LLC bought a new position in McGrath RentCorp in the 1st quarter worth about $531,000. 92.05% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Trease Kristina Van sold 2,221 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the transaction, the insider directly owned 6,694 shares in the company, valued at approximately $764,521.74. This represents a 24.91% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO David M. Whitney sold 2,221 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the transaction, the chief accounting officer owned 6,694 shares of the company's stock, valued at $764,521.74. The trade was a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,519 shares of company stock valued at $2,645,800 over the last 90 days. 1.40% of the stock is owned by insiders.

McGrath RentCorp Price Performance

NASDAQ MGRC traded down $3.08 during trading on Friday, reaching $121.49. The company's stock had a trading volume of 102,176 shares, compared to its average volume of 117,985. The stock has a market capitalization of $2.99 billion, a PE ratio of 11.83, a P/E/G ratio of 1.29 and a beta of 0.66. The firm has a fifty day moving average of $119.62 and a 200 day moving average of $115.24. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93.

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

McGrath RentCorp Dividend Announcement

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