McGrath RentCorp $MGRC Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC trimmed its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 15.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,232 shares of the financial services provider’s stock after selling 6,907 shares during the quarter. Gabelli Funds LLC’s holdings in McGrath RentCorp were worth $4,485,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Envestnet Asset Management Inc. boosted its stake in McGrath RentCorp by 112.7% during 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 purchasing an additional 23,817 shares in the last quarter. Oliver Luxxe Assets LLC acquired a new position in McGrath RentCorp during the third quarter worth about $1,456,000. Ashton Thomas Private Wealth LLC bought a new stake in McGrath RentCorp in the third quarter worth about $6,866,000. Channing Capital Management LLC boosted its position in shares of 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 purchasing an additional 99,626 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of McGrath RentCorp by 2.0% in the 2nd 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. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Buying and Selling

In related news, SVP Gilda Malek sold 829 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Down 2.3%

Shares of McGrath RentCorp stock opened at $105.34 on Tuesday. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $128.41. The stock has a market cap of $2.59 billion, a PE ratio of 16.59, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50. The business has a fifty day simple moving average of $112.25 and a 200-day simple moving average of $112.45.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, February 25th. The financial services provider reported $2.02 earnings per share 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 firm had revenue of $256.76 million for the quarter, compared to analyst estimates of $254.32 million. Analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Thursday, April 16th will be issued a dividend of $0.495 per share. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.49. This represents a $1.98 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Thursday, April 16th. McGrath RentCorp’s dividend payout ratio is 30.55%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MGRC shares. Barclays assumed coverage on shares of McGrath RentCorp in a report on Wednesday, February 11th. They set an “overweight” rating and a $140.00 target price for the company. Zacks Research raised McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 15th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of McGrath RentCorp in a report on Tuesday, January 27th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, McGrath RentCorp has an average rating of “Moderate Buy” and an average price target of $141.50.

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.