William Blair Investment Management LLC Acquires New Position in McGrath RentCorp $MGRC

William Blair Investment Management LLC bought a new position in shares of McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 188,656 shares of the financial services provider’s stock, valued at approximately $22,833,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in shares of McGrath RentCorp by 767.7% in the second quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 238 shares in the last quarter. Danske Bank A S acquired a new stake in shares of McGrath RentCorp in the third quarter valued at $47,000. Strs Ohio acquired a new stake in shares of McGrath RentCorp in the first quarter valued at $56,000. Covestor Ltd raised its stake in shares of McGrath RentCorp by 52.0% in the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 474 shares in the last quarter. Finally, Neuberger Berman Group LLC boosted its holdings in McGrath RentCorp by 6.9% in the fourth quarter. Neuberger Berman Group LLC now owns 1,948 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 126 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Insider Buying and Selling at McGrath RentCorp

In related news, Director Joseph F. Hanna sold 7,500 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $120.64, for a total value of $904,800.00. Following the transaction, the director owned 151,549 shares of the company’s stock, valued at $18,282,871.36. This represents a 4.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, SVP Gilda Malek sold 1,407 shares of the firm’s stock in a transaction 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 sale, the senior vice president owned 8,018 shares in the company, valued at approximately $914,372.72. This represents a 14.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 25,408 shares of company stock worth $3,014,686. 1.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Stock Performance

MGRC stock opened at $116.65 on Friday. The company’s 50 day moving average price is $118.47 and its 200 day moving average price is $114.24. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 18.78, a PEG ratio of 1.18 and a beta of 0.44. 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 issued its quarterly 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 return on equity of 12.44% and a net margin of 16.38%.The firm had revenue of $221.11 million during the quarter, compared to analysts’ expectations 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 company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were issued a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 31.88%.

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.