Snyder Capital Management L P Raises Position in McGrath RentCorp $MGRC

Snyder Capital Management L P lifted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 5.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 383,013 shares of the financial services provider’s stock after purchasing an additional 19,365 shares during the quarter. Snyder Capital Management L P owned about 1.56% of McGrath RentCorp worth $44,927,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Envestnet Asset Management Inc. grew its holdings in McGrath RentCorp by 112.7% in the 3rd quarter. Envestnet Asset Management Inc. now owns 44,953 shares of the financial services provider’s stock valued at $5,273,000 after buying an additional 23,817 shares during the period. Oliver Luxxe Assets LLC acquired a new stake in shares of McGrath RentCorp in the third quarter worth approximately $1,456,000. Ashton Thomas Private Wealth LLC purchased a new stake in McGrath RentCorp in the third quarter valued at approximately $6,866,000. Channing Capital Management LLC grew its holdings in McGrath RentCorp by 19.8% in the third quarter. Channing Capital Management LLC now owns 601,583 shares of the financial services provider’s stock valued at $70,566,000 after purchasing an additional 99,626 shares during the period. Finally, Geode Capital Management LLC increased its position in McGrath RentCorp by 2.0% during the second quarter. Geode Capital Management LLC now owns 610,231 shares of the financial services provider’s stock worth $70,771,000 after purchasing an additional 11,784 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Trading Up 2.6%

Shares of McGrath RentCorp stock opened at $111.10 on Thursday. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50. The company has a fifty day moving average price of $112.23 and a 200 day moving average price of $112.76.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, February 25th. The financial services provider reported $2.02 EPS for the quarter, beating the consensus estimate of $1.74 by $0.28. McGrath RentCorp had a return on equity of 13.21% and a net margin of 16.55%.The company had revenue of $256.76 million for the quarter, compared to analyst estimates of $254.32 million. Analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th will be issued a $0.495 dividend. The ex-dividend date is Thursday, April 16th. This represents a $1.98 dividend on an annualized basis and a yield of 1.8%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.49. McGrath RentCorp’s dividend payout ratio (DPR) is currently 31.18%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MGRC shares. Zacks Research upgraded shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a report on Thursday, January 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of McGrath RentCorp in a research report on Tuesday, January 27th. Finally, Barclays assumed coverage on McGrath RentCorp in a research report on Wednesday, February 11th. They set an “overweight” rating and a $140.00 price target for the company. 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 company presently has an average rating of “Moderate Buy” and a consensus price target of $141.50.

Insider Activity

In other news, SVP Gilda Malek sold 829 shares of the business’s stock in a transaction on 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 directly owned 4,068 shares of the company’s stock, valued at approximately $436,455.72. The trade was a 16.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by corporate insiders.

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.