McGrath RentCorp $MGRC Shares Acquired by Gabelli Funds LLC

Gabelli Funds LLC grew its stake in McGrath RentCorp (NASDAQ:MGRC) by 28.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 49,243 shares of the financial services provider’s stock after purchasing an additional 11,011 shares during the period. Gabelli Funds LLC’s holdings in McGrath RentCorp were worth $5,167,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $29,000. Cullen Frost Bankers Inc. acquired a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $30,000. EverSource Wealth Advisors LLC raised its stake in shares of McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 238 shares in the last quarter. Danske Bank A S acquired a new stake in shares of McGrath RentCorp in the 3rd quarter valued at about $47,000. Finally, Strs Ohio acquired a new stake in shares of McGrath RentCorp in the 1st quarter valued at about $56,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Insider Activity at McGrath RentCorp

In related news, insider Trease Kristina Van sold 539 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $115.00, for a total transaction of $61,985.00. Following the completion of the sale, the insider owned 10,316 shares of the company’s stock, valued at $1,186,340. This represents a 4.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David M. Whitney sold 539 shares of the business’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $115.00, for a total transaction of $61,985.00. Following the sale, the chief accounting officer directly owned 10,316 shares of the company’s stock, valued at approximately $1,186,340. This represents a 4.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 11,078 shares of company stock valued at $1,248,610 in the last quarter. Insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Down 0.1%

Shares of NASDAQ:MGRC opened at $109.83 on Thursday. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $128.41. The firm has a 50-day simple moving average of $111.25 and a 200 day simple moving average of $109.56. The company has a market cap of $2.70 billion, a PE ratio of 17.43, a P/E/G ratio of 1.12 and a beta of 0.45.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share 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 the consensus estimate of $198.19 million. As a group, research analysts forecast that McGrath RentCorp will post 6.35 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Thursday, April 16th were given a dividend of $0.495 per share. The ex-dividend date of this dividend was Thursday, April 16th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.49. McGrath RentCorp’s payout ratio is currently 31.43%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MGRC. Barclays began coverage on shares of McGrath RentCorp in a research note on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 target price on the stock. Weiss Ratings lowered shares of McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, McGrath RentCorp currently has an average rating of “Moderate Buy” and an average target price 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.