Asset Management One Co. Ltd. Has $5.24 Million Holdings in McGrath RentCorp $MGRC

Asset Management One Co. Ltd. trimmed its holdings in McGrath RentCorp (NASDAQ:MGRC) by 1.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,191 shares of the financial services provider’s stock after selling 581 shares during the period. Asset Management One Co. Ltd. owned about 0.18% of McGrath RentCorp worth $5,240,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGRC. Channing Capital Management LLC acquired a new position in McGrath RentCorp in the first quarter valued at about $55,049,000. Allianz Asset Management GmbH grew its stake in McGrath RentCorp by 1,803.8% in the second quarter. Allianz Asset Management GmbH now owns 180,195 shares of the financial services provider’s stock valued at $20,895,000 after acquiring an additional 170,730 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in McGrath RentCorp by 13.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider’s stock valued at $115,685,000 after acquiring an additional 120,829 shares during the period. New York State Common Retirement Fund grew its stake in McGrath RentCorp by 1,337.6% in the first quarter. New York State Common Retirement Fund now owns 120,871 shares of the financial services provider’s stock valued at $13,465,000 after acquiring an additional 112,463 shares during the period. Finally, Eminence Capital LP grew its stake in McGrath RentCorp by 12.0% in the first quarter. Eminence Capital LP now owns 840,071 shares of the financial services provider’s stock valued at $93,584,000 after acquiring an additional 89,773 shares during the period. 92.05% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $118.50, for a total transaction of $177,750.00. Following the sale, the director owned 7,000 shares in the company, valued at approximately $829,500. This represents a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

MGRC has been the subject of a number of research analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of McGrath RentCorp in a research note on Tuesday, October 14th. Oppenheimer boosted their target price on McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $147.50.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $113.04 on Wednesday. The firm has a market cap of $2.78 billion, a price-to-earnings ratio of 19.13, a price-to-earnings-growth ratio of 1.21 and a beta of 0.56. The stock’s 50-day moving average is $119.79 and its 200-day moving average is $116.50. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93.

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

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

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.