Wedge Capital Management L L P NC Invests $2.34 Million in McGrath RentCorp $MGRC

Wedge Capital Management L L P NC acquired a new stake in McGrath RentCorp (NASDAQ:MGRC) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 19,956 shares of the financial services provider’s stock, valued at approximately $2,341,000. Wedge Capital Management L L P NC owned about 0.08% of McGrath RentCorp at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. increased its position in McGrath RentCorp by 10.3% in the 1st quarter. Invesco Ltd. now owns 38,601 shares of the financial services provider’s stock valued at $4,300,000 after acquiring an additional 3,604 shares during the period. Raymond James Financial Inc. grew its stake in shares of McGrath RentCorp by 25.1% in the first quarter. Raymond James Financial Inc. now owns 147,448 shares of the financial services provider’s stock worth $16,425,000 after purchasing an additional 29,587 shares during the last quarter. Hsbc Holdings PLC grew its stake in shares of McGrath RentCorp by 3.9% in the first quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider’s stock worth $460,000 after purchasing an additional 153 shares during the last quarter. AlphaQuest LLC increased its holdings in McGrath RentCorp by 55.7% in the first quarter. AlphaQuest LLC now owns 5,760 shares of the financial services provider’s stock valued at $642,000 after purchasing an additional 2,060 shares during the period. Finally, Comerica Bank raised its position in McGrath RentCorp by 210.8% during the 1st quarter. Comerica Bank now owns 16,712 shares of the financial services provider’s stock worth $1,862,000 after purchasing an additional 11,335 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other McGrath RentCorp news, SVP Gilda Malek sold 829 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $107.29, for a total value of $88,943.41. Following the transaction, the senior vice president owned 4,068 shares in the company, valued at approximately $436,455.72. This represents a 16.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Up 0.2%

Shares of MGRC stock opened at $108.29 on Tuesday. The firm has a 50 day moving average of $107.25 and a 200-day moving average of $114.91. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 1.15 and a beta of 0.51. McGrath RentCorp has a 52 week low of $94.99 and a 52 week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, October 23rd. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.11). McGrath RentCorp had a return on equity of 12.59% and a net margin of 15.62%.The company had revenue of $256.44 million for the quarter, compared to the consensus estimate of $266.62 million. During the same period in the prior year, the company earned $1.87 earnings per share. The firm’s revenue was down 3.9% compared to the same quarter last year. Analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 16th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, January 16th. McGrath RentCorp’s dividend payout ratio is 32.83%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Weiss Ratings downgraded McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, October 30th. Oppenheimer raised their price target on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a report on Thursday, September 18th. Finally, Zacks Research downgraded shares of McGrath RentCorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 17th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $143.00.

McGrath RentCorp Company Profile

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.