Ellsworth Advisors LLC Takes $605,000 Position in McGrath RentCorp $MGRC

Ellsworth Advisors LLC purchased a new position in McGrath RentCorp (NASDAQ:MGRC) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,078 shares of the financial services provider’s stock, valued at approximately $605,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its stake in shares of McGrath RentCorp by 767.7% in the second quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 238 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of McGrath RentCorp in the 2nd quarter worth $37,000. Elevation Point Wealth Partners LLC bought a new stake in shares of McGrath RentCorp in the 2nd quarter worth about $57,000. Strs Ohio purchased a new stake in McGrath RentCorp during the first quarter valued at approximately $56,000. Finally, Adirondack Trust Co. lifted its stake in shares of 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 purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MGRC. Zacks Research downgraded McGrath RentCorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 17th. Oppenheimer raised their target price 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. Finally, 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. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, McGrath RentCorp presently has an average rating of “Hold” and a consensus price target of $143.00.

Insiders Place Their Bets

In related news, SVP Gilda Malek sold 829 shares of McGrath RentCorp stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $107.29, for a total value of $88,943.41. Following the sale, the senior vice president directly owned 4,068 shares in the company, valued at approximately $436,455.72. The trade was a 16.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $108.05 on Friday. The stock’s 50-day simple moving average is $106.42 and its 200-day simple moving average is $114.69. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 18.28, a PEG ratio of 1.15 and a beta of 0.51. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results 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 firm had revenue of $256.44 million for the quarter, compared to analyst estimates of $266.62 million. During the same period last year, the firm earned $1.87 EPS. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, equities analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 16th will be paid a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, January 16th. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

About McGrath RentCorp

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.