Anchor Capital Management Company LLC Grows Stake in McGrath RentCorp $MGRC

Anchor Capital Management Company LLC lifted its holdings in shares of McGrath RentCorp (NASDAQ:MGRC) by 27.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 185,211 shares of the financial services provider’s stock after buying an additional 40,352 shares during the period. McGrath RentCorp makes up about 22.0% of Anchor Capital Management Company LLC’s investment portfolio, making the stock its 2nd largest holding. Anchor Capital Management Company LLC owned about 0.75% of McGrath RentCorp worth $20,425,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MGRC. EverSource Wealth Advisors LLC increased its stake in McGrath RentCorp by 767.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after buying an additional 238 shares during the period. Danske Bank A S bought a new position in shares of McGrath RentCorp in the third quarter valued at approximately $47,000. Strs Ohio bought a new position in shares of McGrath RentCorp in the first quarter valued at approximately $56,000. Covestor Ltd increased its stake in shares of McGrath RentCorp by 52.0% during the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 474 shares during the period. Finally, Palouse Capital Management Inc. acquired a new position in shares of McGrath RentCorp during the fourth quarter valued at approximately $152,000. 92.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $141.50.

Insider Buying and Selling

In other news, SVP Gilda Malek sold 1,407 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $114.04, for a total value of $160,454.28. Following the completion of the sale, the senior vice president owned 8,018 shares of the company’s stock, valued at $914,372.72. This trade represents a 14.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Joseph F. Hanna sold 9,470 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $112.49, for a total value of $1,065,280.30. Following the completion of the sale, the director directly owned 159,579 shares of the company’s stock, valued at approximately $17,951,041.71. This trade represents a 5.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 30,051 shares of company stock valued at $3,486,240. Company insiders own 1.40% of the company’s stock.

McGrath RentCorp Trading Up 0.7%

Shares of NASDAQ MGRC opened at $119.76 on Friday. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The firm has a 50-day moving average of $114.97 and a two-hundred day moving average of $113.08. The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 1.22 and a beta of 0.43.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Wednesday, April 29th. The financial services provider reported $1.10 EPS for the quarter, missing the consensus estimate of $1.13 by ($0.03). The business had revenue of $198.54 million for the quarter, compared to analyst estimates of $198.19 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. As a group, research analysts predict that McGrath RentCorp will post 6.35 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be issued a $0.495 dividend. This represents a $1.98 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 31.43%.

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.