12,412 Shares in McGrath RentCorp $MGRC Acquired by Oliver Luxxe Assets LLC

Oliver Luxxe Assets LLC purchased a new position in McGrath RentCorp (NASDAQ:MGRC) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 12,412 shares of the financial services provider’s stock, valued at approximately $1,456,000. Oliver Luxxe Assets LLC owned 0.05% of McGrath RentCorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in shares of McGrath RentCorp by 2.0% during the second quarter. Geode Capital Management LLC now owns 610,231 shares of the financial services provider’s stock valued at $70,771,000 after acquiring an additional 11,784 shares in the last quarter. Segall Bryant & Hamill LLC increased its position in McGrath RentCorp by 20.5% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 71,788 shares of the financial services provider’s stock valued at $8,325,000 after purchasing an additional 12,199 shares during the period. Envestnet Asset Management Inc. increased its position in McGrath RentCorp by 2.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 21,136 shares of the financial services provider’s stock valued at $2,451,000 after purchasing an additional 536 shares during the period. Franklin Resources Inc. raised its holdings in McGrath RentCorp by 0.8% in the 2nd quarter. Franklin Resources Inc. now owns 1,074,800 shares of the financial services provider’s stock worth $124,634,000 after purchasing an additional 8,609 shares in the last quarter. Finally, CW Advisors LLC purchased a new stake in shares of McGrath RentCorp in the 2nd quarter worth about $3,677,000. Institutional investors own 92.05% of the company’s stock.

Insider Buying and Selling at McGrath RentCorp

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

McGrath RentCorp Price Performance

NASDAQ:MGRC opened at $108.33 on Monday. The firm has a market capitalization of $2.67 billion, a P/E ratio of 18.33, a PEG ratio of 1.06 and a beta of 0.50. McGrath RentCorp has a one year low of $94.99 and a one year high of $129.93. The company’s 50-day simple moving average is $104.68 and its 200 day simple moving average is $114.18.

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). The business had revenue of $256.44 million for the quarter, compared to analysts’ expectations of $266.62 million. McGrath RentCorp had a net margin of 15.62% and a return on equity of 12.59%. McGrath RentCorp’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.87 earnings per share. On average, equities research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Oppenheimer boosted their price target 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. Weiss Ratings cut McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, October 30th. Finally, Zacks Research lowered McGrath RentCorp from a “hold” rating to a “strong sell” rating in a research report on Wednesday, December 17th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $143.00.

McGrath RentCorp Company Profile

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.