Allianz Asset Management GmbH Trims Stock Holdings in McGrath RentCorp $MGRC

Allianz Asset Management GmbH decreased its position in McGrath RentCorp (NASDAQ:MGRC) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 173,484 shares of the financial services provider’s stock after selling 6,711 shares during the quarter. Allianz Asset Management GmbH’s holdings in McGrath RentCorp were worth $20,350,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Cullen Frost Bankers Inc. bought a new position in shares of McGrath RentCorp in the 3rd quarter worth about $30,000. EverSource Wealth Advisors LLC increased its stake in shares of McGrath RentCorp by 767.7% during the second quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 238 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of McGrath RentCorp during the second quarter valued at approximately $37,000. Strs Ohio bought a new stake in shares of McGrath RentCorp in the 1st quarter worth approximately $56,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of McGrath RentCorp in the 2nd quarter worth approximately $57,000. Institutional investors own 92.05% of the company’s stock.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, SVP Gilda Malek sold 829 shares of the company’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $107.29, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

McGrath RentCorp Trading Down 0.6%

Shares of MGRC opened at $119.43 on Friday. The company has a market cap of $2.94 billion, a price-to-earnings ratio of 20.21, a P/E/G ratio of 1.17 and a beta of 0.51. The business’s fifty day simple moving average is $109.18 and its two-hundred day simple moving average is $113.61. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $129.93.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 16th were given a $0.485 dividend. The ex-dividend date of this dividend was Friday, January 16th. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. McGrath RentCorp’s payout ratio is 32.83%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a research note on Tuesday, January 27th. Zacks Research raised McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 15th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $143.00.

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.