McGrath RentCorp $MGRC Holdings Raised by Raymond James Financial Inc.

Raymond James Financial Inc. lifted its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 25.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 147,448 shares of the financial services provider’s stock after purchasing an additional 29,587 shares during the quarter. Raymond James Financial Inc. owned about 0.60% of McGrath RentCorp worth $16,425,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Fox Run Management L.L.C. grew its holdings in McGrath RentCorp by 234.8% during the first quarter. Fox Run Management L.L.C. now owns 8,461 shares of the financial services provider’s stock worth $943,000 after acquiring an additional 5,934 shares during the period. Nuveen LLC acquired a new position in McGrath RentCorp during the first quarter worth about $8,480,000. Virtu Financial LLC acquired a new position in McGrath RentCorp during the first quarter worth about $531,000. Invesco Ltd. grew its holdings in McGrath RentCorp by 10.3% during the first quarter. Invesco Ltd. now owns 38,601 shares of the financial services provider’s stock worth $4,300,000 after acquiring an additional 3,604 shares during the period. Finally, Neumeier Poma Investment Counsel LLC grew its holdings in McGrath RentCorp by 1.7% during the first quarter. Neumeier Poma Investment Counsel LLC now owns 208,246 shares of the financial services provider’s stock worth $23,199,000 after acquiring an additional 3,440 shares during the period. 92.05% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total value of $177,750.00. Following the transaction, the director owned 7,000 shares of the company’s stock, valued at approximately $829,500. This trade represents a 17.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Trease Kristina Van sold 2,221 shares of McGrath RentCorp stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the transaction, the insider directly owned 6,694 shares in the company, valued at $764,521.74. This represents a 24.91% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,519 shares of company stock worth $2,645,800. Company insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Down 0.4%

NASDAQ:MGRC opened at $124.57 on Friday. The business’s 50-day moving average price is $119.42 and its 200 day moving average price is $115.25. The firm has a market cap of $3.07 billion, a P/E ratio of 12.13, a PEG ratio of 1.29 and a beta of 0.66. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.16. The firm had revenue of $235.62 million for the quarter, compared to analyst estimates of $220.71 million. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%.McGrath RentCorp’s revenue was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. Sell-side analysts expect that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Thursday, July 17th were paid a $0.485 dividend. The ex-dividend date of this dividend was Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 18.89%.

McGrath RentCorp Company 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.