Bank of New York Mellon Corp Buys 1,856 Shares of McGrath RentCorp $MGRC

Bank of New York Mellon Corp grew its stake in McGrath RentCorp (NASDAQ:MGRC) by 1.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 162,417 shares of the financial services provider’s stock after buying an additional 1,856 shares during the quarter. Bank of New York Mellon Corp owned 0.66% of McGrath RentCorp worth $18,834,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Adirondack Trust Co. lifted its position in McGrath RentCorp by 20.0% in the 2nd quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider’s stock valued at $70,000 after acquiring an additional 100 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of McGrath RentCorp by 3.9% in the first quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider’s stock valued at $460,000 after purchasing an additional 153 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of McGrath RentCorp by 1.0% in the second quarter. Jennison Associates LLC now owns 17,577 shares of the financial services provider’s stock valued at $2,038,000 after purchasing an additional 167 shares in the last quarter. AlphaQuest LLC boosted its position in shares of McGrath RentCorp by 3.0% during the second quarter. AlphaQuest LLC now owns 5,930 shares of the financial services provider’s stock worth $688,000 after buying an additional 170 shares during the period. Finally, Hamilton Point Investment Advisors LLC grew its holdings in shares of McGrath RentCorp by 0.4% during the first quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider’s stock worth $6,051,000 after buying an additional 192 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings cut shares of McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, October 30th. Oppenheimer raised their target price on shares of McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $147.50.

McGrath RentCorp Trading Down 0.2%

MGRC stock opened at $101.47 on Monday. McGrath RentCorp has a 1-year low of $97.81 and a 1-year high of $129.93. The business’s 50 day simple moving average is $115.46 and its 200 day simple moving average is $116.68. The firm has a market capitalization of $2.50 billion, a PE ratio of 17.17, a PEG ratio of 1.18 and a beta of 0.55.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the firm earned $1.87 earnings per share. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 31st. Shareholders of record on Friday, October 17th were issued a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, October 17th. McGrath RentCorp’s dividend payout ratio is currently 32.83%.

About McGrath RentCorp

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.