Envestnet Asset Management Inc. Acquires 536 Shares of McGrath RentCorp $MGRC

Envestnet Asset Management Inc. boosted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 2.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 21,136 shares of the financial services provider’s stock after purchasing an additional 536 shares during the quarter. Envestnet Asset Management Inc. owned about 0.09% of McGrath RentCorp worth $2,451,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Channing Capital Management LLC acquired a new position in shares of McGrath RentCorp during the first quarter valued at about $55,049,000. Allianz Asset Management GmbH raised its holdings in McGrath RentCorp by 1,803.8% in the 2nd 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 in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in McGrath RentCorp by 13.2% in the 1st 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 in the last quarter. Eminence Capital LP lifted its position in shares of McGrath RentCorp by 12.0% in the 1st 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 period. Finally, Nuveen LLC acquired a new stake in shares of McGrath RentCorp during the 1st quarter worth approximately $8,480,000. 92.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the company. Oppenheimer raised their target price on McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research report on Thursday, September 18th. 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. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $147.50.

McGrath RentCorp Trading Down 0.2%

Shares of McGrath RentCorp stock opened at $101.47 on Monday. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 1.18 and a beta of 0.55. The firm’s 50-day moving average price is $115.46 and its two-hundred day moving average price is $116.68. McGrath RentCorp has a 1-year low of $97.81 and a 1-year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last announced its 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 during the quarter, compared to analyst estimates of $266.62 million. During the same period in the previous year, the firm earned $1.87 earnings per share. The firm’s revenue was down 3.9% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, equities research analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 17th were issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

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.