McGrath RentCorp $MGRC Shares Sold by TD Asset Management Inc

TD Asset Management Inc cut its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 80.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,252 shares of the financial services provider’s stock after selling 13,572 shares during the quarter. TD Asset Management Inc’s holdings in McGrath RentCorp were worth $381,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MGRC. Envestnet Asset Management Inc. grew its position in shares of McGrath RentCorp by 112.7% during the third quarter. Envestnet Asset Management Inc. now owns 44,953 shares of the financial services provider’s stock worth $5,273,000 after buying an additional 23,817 shares in the last quarter. Oliver Luxxe Assets LLC acquired a new stake in McGrath RentCorp in the third quarter valued at $1,456,000. Ashton Thomas Private Wealth LLC acquired a new stake in McGrath RentCorp in the third quarter valued at $6,866,000. Channing Capital Management LLC boosted its stake in McGrath RentCorp by 19.8% during the 3rd quarter. Channing Capital Management LLC now owns 601,583 shares of the financial services provider’s stock valued at $70,566,000 after acquiring an additional 99,626 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in McGrath RentCorp by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 610,231 shares of the financial services provider’s stock valued at $70,771,000 after acquiring an additional 11,784 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

McGrath RentCorp Price Performance

McGrath RentCorp stock opened at $107.81 on Friday. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $128.41. The company has a fifty day moving average price of $112.27 and a two-hundred day moving average price of $112.64. The company has a market cap of $2.65 billion, a PE ratio of 16.98, a P/E/G ratio of 1.09 and a beta of 0.50.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Wednesday, February 25th. The financial services provider reported $2.02 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.28. McGrath RentCorp had a net margin of 16.55% and a return on equity of 13.21%. The company had revenue of $256.76 million for the quarter, compared to analysts’ expectations of $254.32 million. Equities research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Thursday, April 16th will be paid a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 1.8%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.49. The ex-dividend date is Thursday, April 16th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 30.55%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MGRC. Zacks Research raised shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research 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 note on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, McGrath RentCorp presently has a consensus rating of “Moderate Buy” and an average price target of $141.50.

Insiders Place Their Bets

In other McGrath RentCorp news, SVP Gilda Malek sold 829 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $107.29, for a total value of $88,943.41. Following the transaction, the senior vice president owned 4,068 shares of the company’s stock, valued at $436,455.72. This trade represents a 16.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by company insiders.

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.