McGrath RentCorp $MGRC Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC grew its stake in shares of McGrath RentCorp (NASDAQ:MGRC) by 21.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,178 shares of the financial services provider’s stock after acquiring an additional 557 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in McGrath RentCorp were worth $384,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MGRC. GAMMA Investing LLC increased its holdings in shares of McGrath RentCorp by 13,410.6% during the first quarter. GAMMA Investing LLC now owns 12,700 shares of the financial services provider’s stock valued at $1,415,000 after acquiring an additional 12,606 shares in the last quarter. Rhumbline Advisers increased its holdings in McGrath RentCorp by 3.8% in the 1st quarter. Rhumbline Advisers now owns 46,273 shares of the financial services provider’s stock worth $5,155,000 after buying an additional 1,692 shares during the period. Asset Management One Co. Ltd. increased its holdings in McGrath RentCorp by 32.3% in the 1st quarter. Asset Management One Co. Ltd. now owns 45,772 shares of the financial services provider’s stock worth $5,099,000 after buying an additional 11,172 shares during the period. Teacher Retirement System of Texas acquired a new position in McGrath RentCorp in the 1st quarter worth approximately $1,328,000. Finally, Envestnet Asset Management Inc. increased its holdings in McGrath RentCorp by 24.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 20,600 shares of the financial services provider’s stock worth $2,295,000 after buying an additional 4,085 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 $114.52 on Wednesday. McGrath RentCorp has a 1 year low of $97.81 and a 1 year high of $129.93. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of 11.15, a price-to-earnings-growth ratio of 1.17 and a beta of 0.56. The business’s 50 day moving average price is $120.82 and its 200-day moving average price is $115.65.

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

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be issued a $0.485 dividend. The ex-dividend date is Friday, October 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.7%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 18.89%.

Analysts Set New Price Targets

MGRC has been the topic of several research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of McGrath RentCorp in a report on Saturday, September 27th. Oppenheimer increased their price target on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a report on Thursday, September 18th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $147.50.

Insiders Place Their Bets

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 14,577 shares of the firm’s stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value of $1,844,719.35. Following the transaction, the chief executive officer owned 153,637 shares in the company, valued at approximately $19,442,762.35. This trade represents a 8.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kimberly Ann Box sold 1,500 shares of the firm’s stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total value of $177,750.00. Following the completion of the transaction, the director owned 7,000 shares in the company, valued at $829,500. The trade was a 17.65% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.40% of the company’s stock.

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.