Y Intercept Hong Kong Ltd Has $1.17 Million Stock Position in McGrath RentCorp $MGRC

Y Intercept Hong Kong Ltd increased its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 94.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,089 shares of the financial services provider’s stock after purchasing an additional 4,890 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in McGrath RentCorp were worth $1,170,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MGRC. Channing Capital Management LLC acquired a new stake in shares of McGrath RentCorp during the 1st quarter worth about $55,049,000. Allianz Asset Management GmbH increased its position in shares of McGrath RentCorp by 1,803.8% during the 2nd quarter. Allianz Asset Management GmbH now owns 180,195 shares of the financial services provider’s stock worth $20,895,000 after purchasing an additional 170,730 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of McGrath RentCorp by 13.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider’s stock worth $115,685,000 after purchasing an additional 120,829 shares in the last quarter. New York State Common Retirement Fund increased its position in McGrath RentCorp by 1,337.6% in the 1st 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 in the last quarter. Finally, Eminence Capital LP raised its stake in shares of McGrath RentCorp by 12.0% in the first quarter. Eminence Capital LP now owns 840,071 shares of the financial services provider’s stock worth $93,584,000 after acquiring an additional 89,773 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MGRC. Weiss Ratings downgraded shares of McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, October 30th. Oppenheimer boosted their target price on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research note on Thursday, September 18th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, McGrath RentCorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.50.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC opened at $109.14 on Tuesday. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93. The company has a 50 day moving average of $118.89 and a 200-day moving average of $116.68. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 18.47, a P/E/G ratio of 1.18 and a beta of 0.56.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.72 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 business had revenue of $256.44 million for the quarter, compared to analyst estimates of $266.62 million. During the same quarter in the prior year, the firm earned $1.87 EPS. The firm’s quarterly revenue was down 3.9% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. Equities research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 17th were given a dividend of $0.485 per share. The ex-dividend date was Friday, October 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.8%. McGrath RentCorp’s payout ratio is currently 32.83%.

Insider Activity at McGrath RentCorp

In other news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the completion of the sale, the director owned 7,000 shares in the company, valued at $829,500. The trade was a 17.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.40% of the stock is currently owned by corporate insiders.

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.