Channing Capital Management LLC Grows Position in McGrath RentCorp $MGRC

Channing Capital Management LLC boosted its stake in McGrath RentCorp (NASDAQ:MGRC) by 19.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 601,583 shares of the financial services provider’s stock after buying an additional 99,626 shares during the period. McGrath RentCorp makes up approximately 1.9% of Channing Capital Management LLC’s portfolio, making the stock its 28th biggest position. Channing Capital Management LLC owned about 2.44% of McGrath RentCorp worth $70,566,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of MGRC. Cullen Frost Bankers Inc. acquired a new stake in shares of McGrath RentCorp during the third quarter valued at about $30,000. EverSource Wealth Advisors LLC increased its holdings in McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 238 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in McGrath RentCorp in the second quarter valued at approximately $37,000. Elevation Point Wealth Partners LLC acquired a new position in McGrath RentCorp during the second quarter worth $57,000. Finally, Strs Ohio purchased a new position in shares of McGrath RentCorp during the first quarter worth $56,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MGRC shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a report on Tuesday, January 27th. Barclays assumed coverage on shares of McGrath RentCorp in a research note on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price objective for the company. Finally, Zacks Research raised shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research note on Thursday, January 15th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $141.50.

Insiders Place Their Bets

In other news, SVP Gilda Malek sold 829 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $107.29, for a total transaction of $88,943.41. Following the completion of the sale, the senior vice president owned 4,068 shares in the company, valued at approximately $436,455.72. The trade was a 16.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Down 1.0%

Shares of NASDAQ:MGRC opened at $112.77 on Friday. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $129.93. The firm’s 50 day moving average price is $111.49 and its 200 day moving average price is $113.15. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 19.08, a price-to-earnings-growth ratio of 1.10 and a beta of 0.51.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 16th were issued a dividend of $0.485 per share. The ex-dividend date of this dividend was Friday, January 16th. This represents a $1.94 dividend on an annualized basis and a yield of 1.7%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 32.83%.

McGrath RentCorp 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.