Gabelli Funds LLC Increases Stock Position in McGrath RentCorp $MGRC

Gabelli Funds LLC grew its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 10.0% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 54,186 shares of the financial services provider’s stock after buying an additional 4,943 shares during the period. Gabelli Funds LLC’s holdings in McGrath RentCorp were worth $5,976,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GABELLI & Co INVESTMENT ADVISERS INC. lifted its position in McGrath RentCorp by 13.0% during the 1st quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 25,188 shares of the financial services provider’s stock valued at $2,778,000 after acquiring an additional 2,900 shares during the period. Public Employees Retirement System of Ohio grew its holdings in McGrath RentCorp by 13.1% in the first quarter. Public Employees Retirement System of Ohio now owns 43,289 shares of the financial services provider’s stock worth $4,774,000 after purchasing an additional 5,014 shares during the period. Sei Investments Co. increased its stake in shares of McGrath RentCorp by 9.3% during the first quarter. Sei Investments Co. now owns 13,350 shares of the financial services provider’s stock valued at $1,472,000 after purchasing an additional 1,137 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of McGrath RentCorp by 15.6% during the first quarter. PNC Financial Services Group Inc. now owns 5,471 shares of the financial services provider’s stock valued at $603,000 after purchasing an additional 740 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of McGrath RentCorp by 5.5% during the first quarter. Dimensional Fund Advisors LP now owns 906,954 shares of the financial services provider’s stock valued at $100,019,000 after purchasing an additional 47,451 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings cut McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, McGrath RentCorp presently has an average rating of “Moderate Buy” and an average price target of $141.50.

Insider Activity

In related news, SVP Gilda Malek sold 1,407 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $114.04, for a total value of $160,454.28. Following the completion of the transaction, the senior vice president directly owned 8,018 shares in the company, valued at $914,372.72. The trade was a 14.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David M. Whitney sold 3,783 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the transaction, the chief accounting officer directly owned 6,533 shares in the company, valued at $742,475.45. This trade represents a 36.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 30,051 shares of company stock valued at $3,486,240. Company insiders own 1.40% of the company’s stock.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $120.00 on Tuesday. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 19.05, a PEG ratio of 1.22 and a beta of 0.43. The firm’s 50-day moving average is $115.11 and its 200 day moving average is $113.20. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $128.41.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.03). The firm had revenue of $198.54 million for the quarter, compared to the consensus estimate of $198.19 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. On average, equities analysts expect that McGrath RentCorp will post 6.35 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be issued a dividend of $0.495 per share. The ex-dividend date is Friday, July 17th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. McGrath RentCorp’s dividend payout ratio is presently 31.43%.

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.