Tredje AP fonden Takes $12.25 Million Position in McGrath RentCorp $MGRC

Tredje AP fonden purchased a new stake in shares of McGrath RentCorp (NASDAQ:MGRC) in the 4th quarter, Holdings Channel.com reports. The fund purchased 116,708 shares of the financial services provider’s stock, valued at approximately $12,246,000.

Other large investors have also recently modified their holdings of the company. Aster Capital Management DIFC Ltd bought a new position in shares of McGrath RentCorp during the third quarter valued at $29,000. Cullen Frost Bankers Inc. bought a new position in shares of McGrath RentCorp during the third quarter valued at $30,000. EverSource Wealth Advisors LLC raised 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 acquiring an additional 238 shares during the last quarter. Danske Bank A S bought a new position in shares of McGrath RentCorp during the third quarter valued at $47,000. Finally, Strs Ohio bought a new position in shares of McGrath RentCorp during the first quarter valued at $56,000. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $109.92 on Wednesday. McGrath RentCorp has a one year low of $94.99 and a one year high of $128.41. The stock’s 50-day moving average is $111.16 and its 200 day moving average is $109.55. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 1.15 and a beta of 0.45.

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

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th were paid a $0.495 dividend. This represents a $1.98 annualized dividend and a yield of 1.8%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.49. The ex-dividend date of this dividend was Thursday, April 16th. McGrath RentCorp’s payout ratio is presently 31.43%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MGRC shares. Barclays started coverage on shares of McGrath RentCorp in a research note on Wednesday, February 11th. They set an “overweight” rating and a $140.00 target price for the company. Weiss Ratings lowered McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, McGrath RentCorp presently has an average rating of “Moderate Buy” and an average target price of $141.50.

Insider Activity

In other news, CAO David M. Whitney sold 539 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $115.00, for a total transaction of $61,985.00. Following the transaction, the chief accounting officer owned 10,316 shares in the company, valued at approximately $1,186,340. This represents a 4.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joseph F. Hanna sold 9,470 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $112.49, for a total transaction of $1,065,280.30. Following the transaction, the director owned 159,579 shares in the company, valued at $17,951,041.71. This represents a 5.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 11,078 shares of company stock worth $1,248,610. Company insiders own 1.40% of the company’s stock.

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.