Los Angeles Capital Management LLC Invests $346,000 in McGrath RentCorp $MGRC

Los Angeles Capital Management LLC purchased a new stake in McGrath RentCorp (NASDAQ:MGRC) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,985 shares of the financial services provider’s stock, valued at approximately $346,000.

Several other hedge funds have also added to or reduced their stakes in MGRC. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of McGrath RentCorp in the second quarter worth about $37,000. Bank of New York Mellon Corp increased its stake in McGrath RentCorp by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 162,417 shares of the financial services provider’s stock worth $18,834,000 after purchasing an additional 1,856 shares in the last quarter. AdvisorShares Investments LLC raised its holdings in McGrath RentCorp by 2.4% during the 2nd quarter. AdvisorShares Investments LLC now owns 64,738 shares of the financial services provider’s stock worth $7,507,000 after buying an additional 1,534 shares during the period. Keybank National Association OH lifted its stake in McGrath RentCorp by 23.8% in the second quarter. Keybank National Association OH now owns 4,425 shares of the financial services provider’s stock valued at $513,000 after buying an additional 850 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of McGrath RentCorp by 1.0% in the second quarter. Jennison Associates LLC now owns 17,577 shares of the financial services provider’s stock valued at $2,038,000 after buying an additional 167 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC opened at $101.47 on Friday. The company’s 50-day moving average price is $115.46 and its two-hundred day moving average price is $116.61. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93. The stock has a market capitalization of $2.50 billion, a PE ratio of 17.17, a price-to-earnings-growth ratio of 1.18 and a beta of 0.55.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.11). McGrath RentCorp had a net margin of 15.62% and a return on equity of 12.59%. The company had revenue of $256.44 million during the quarter, compared to the consensus estimate of $266.62 million. During the same quarter in the previous year, the business earned $1.87 EPS. McGrath RentCorp’s revenue was down 3.9% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 17th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

Analyst Ratings Changes

A number of equities research analysts recently commented on MGRC shares. Weiss Ratings lowered shares of McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 30th. Oppenheimer lifted their price target on McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, McGrath RentCorp has an average rating of “Moderate Buy” and a consensus price target of $147.50.

McGrath RentCorp Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.