Eminence Capital LP Acquires 4,701 Shares of McGrath RentCorp $MGRC

Eminence Capital LP raised its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 0.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 949,673 shares of the financial services provider’s stock after purchasing an additional 4,701 shares during the quarter. McGrath RentCorp accounts for approximately 1.6% of Eminence Capital LP’s portfolio, making the stock its 29th largest position. Eminence Capital LP owned about 3.86% of McGrath RentCorp worth $99,649,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Envestnet Asset Management Inc. raised its holdings in shares of McGrath RentCorp by 112.7% in the third 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 during the last quarter. Channing Capital Management LLC raised its holdings in shares of 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 last quarter. Gabelli Funds LLC raised its holdings in shares of McGrath RentCorp by 28.8% in the fourth quarter. Gabelli Funds LLC now owns 49,243 shares of the financial services provider’s stock valued at $5,167,000 after purchasing an additional 11,011 shares during the last quarter. Comerica Bank raised its holdings in shares of McGrath RentCorp by 96.8% in the fourth quarter. Comerica Bank now owns 58,374 shares of the financial services provider’s stock valued at $6,125,000 after purchasing an additional 28,719 shares during the last quarter. Finally, Neumeier Poma Investment Counsel LLC raised its holdings in shares of McGrath RentCorp by 45.0% in the third quarter. Neumeier Poma Investment Counsel LLC now owns 297,878 shares of the financial services provider’s stock valued at $34,941,000 after purchasing an additional 92,472 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 0.3%

Shares of NASDAQ:MGRC opened at $113.76 on Thursday. The firm has a market capitalization of $2.79 billion, a PE ratio of 18.06, a P/E/G ratio of 1.16 and a beta of 0.44. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The company has a 50-day moving average price of $112.71 and a two-hundred day moving average price of $110.74.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.10 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 firm had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. Analysts anticipate that McGrath RentCorp will post 6.35 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be given 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 is Friday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is 31.43%.

Insider Activity

In other news, CAO David M. Whitney sold 3,783 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the transaction, the chief accounting officer directly owned 6,533 shares in the company, valued at approximately $742,475.45. This trade represents a 36.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Trease Kristina Van sold 3,783 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total transaction of $429,937.95. Following the completion of the transaction, the insider owned 6,533 shares of the company’s stock, valued at $742,475.45. This trade represents a 36.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 20,051 shares of company stock valued at $2,268,940 over the last ninety days. 1.40% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $141.50.

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.