Vanguard Group Inc. Decreases Stock Position in McGrath RentCorp $MGRC

Vanguard Group Inc. lowered its stake in McGrath RentCorp (NASDAQ:MGRC) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,713,094 shares of the financial services provider’s stock after selling 14,901 shares during the period. Vanguard Group Inc. owned approximately 0.11% of McGrath RentCorp worth $284,685,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Aster Capital Management DIFC Ltd purchased a new position in shares of McGrath RentCorp in the third quarter worth about $29,000. Cullen Frost Bankers Inc. purchased a new position in shares of McGrath RentCorp in the third quarter worth about $30,000. EverSource Wealth Advisors LLC increased its holdings 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 buying an additional 238 shares during the period. Danske Bank A S purchased a new position in shares of McGrath RentCorp in the third quarter worth about $47,000. Finally, Strs Ohio purchased a new position in shares of McGrath RentCorp in the first quarter worth about $56,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC opened at $114.64 on Friday. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $128.41. The company has a market cap of $2.82 billion, a PE ratio of 18.20, a P/E/G ratio of 1.16 and a beta of 0.45. The stock’s 50-day moving average is $110.81 and its 200 day moving average is $109.76.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $198.19 million. Analysts expect that McGrath RentCorp will post 6.35 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th were given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Thursday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.49. McGrath RentCorp’s payout ratio is presently 31.43%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MGRC. Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a report on Friday, April 24th. Zacks Research upgraded McGrath RentCorp from a “strong sell” rating to a “hold” rating in a report on Thursday, January 15th. Finally, Barclays initiated coverage on McGrath RentCorp in a report on Wednesday, February 11th. They set an “overweight” rating and a $140.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, McGrath RentCorp has a consensus rating of “Moderate Buy” and an average price target of $141.50.

Insiders Place Their Bets

In other McGrath RentCorp news, Director Joseph F. Hanna sold 530 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $112.00, for a total transaction of $59,360.00. Following the sale, the director directly owned 159,049 shares of the company’s stock, valued at approximately $17,813,488. The trade was a 0.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.40% of the company’s stock.

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.