BlackRock Inc. Acquires New Position in McGrath RentCorp $MGRC

BlackRock Inc. purchased a new position in McGrath RentCorp (NASDAQ:MGRC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,089,066 shares of the financial services provider’s stock, valued at approximately $252,840,000. BlackRock Inc. owned about 0.09% of McGrath RentCorp at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. River Road Asset Management LLC lifted its holdings in shares of McGrath RentCorp by 3.1% during the 4th quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider’s stock worth $223,619,000 after acquiring an additional 64,566 shares during the period. Eminence Capital LP increased its holdings in shares of McGrath RentCorp by 0.5% during the 4th quarter. Eminence Capital LP now owns 949,673 shares of the financial services provider’s stock worth $99,649,000 after buying an additional 4,701 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of McGrath RentCorp by 5.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 906,954 shares of the financial services provider’s stock worth $100,019,000 after buying an additional 47,451 shares during the period. Victory Capital Management Inc. raised its position in shares of McGrath RentCorp by 0.7% in the 4th quarter. Victory Capital Management Inc. now owns 900,181 shares of the financial services provider’s stock worth $94,456,000 after buying an additional 6,552 shares during the period. Finally, Channing Capital Management LLC boosted its holdings in McGrath RentCorp by 39.1% in the fourth quarter. Channing Capital Management LLC now owns 836,894 shares of the financial services provider’s stock valued at $87,815,000 after acquiring an additional 235,311 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Buying and Selling at McGrath RentCorp

In other McGrath RentCorp news, insider Trease Kristina Van sold 3,783 shares of McGrath RentCorp stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total transaction of $429,937.95. Following the sale, the insider owned 6,533 shares of the company’s stock, valued at $742,475.45. The trade was a 36.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Philip B. Hawkins sold 4,435 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $120.91, for a total transaction of $536,235.85. Following the completion of the sale, the chief executive officer directly owned 13,371 shares of the company’s stock, valued at $1,616,687.61. The trade was a 24.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 25,408 shares of company stock valued at $3,014,686. 1.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded McGrath RentCorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $141.50.

McGrath RentCorp Stock Down 0.5%

MGRC stock opened at $114.15 on Thursday. The stock has a market cap of $2.79 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 1.16 and a beta of 0.44. The firm’s 50-day simple moving average is $118.54 and its 200 day simple moving average is $114.15. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $127.68.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.10). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. The firm had revenue of $221.11 million for the quarter, compared to analyst estimates of $236.51 million. Equities analysts forecast that McGrath RentCorp will post 6.37 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were given a dividend of $0.495 per share. The ex-dividend date was Friday, July 17th. This represents a $1.98 annualized dividend and a dividend yield of 1.7%. McGrath RentCorp’s payout ratio is currently 31.88%.

McGrath RentCorp 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.