Clearbridge Investments LLC Sells 4,501 Shares of McGrath RentCorp $MGRC

Clearbridge Investments LLC cut its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 1.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 341,878 shares of the financial services provider’s stock after selling 4,501 shares during the period. Clearbridge Investments LLC owned about 1.39% of McGrath RentCorp worth $35,873,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in McGrath RentCorp by 112.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 44,953 shares of the financial services provider’s stock valued at $5,273,000 after purchasing an additional 23,817 shares in the last quarter. Channing Capital Management LLC raised its position in McGrath RentCorp by 19.8% during the 3rd quarter. Channing Capital Management LLC now owns 601,583 shares of the financial services provider’s stock valued at $70,566,000 after purchasing an additional 99,626 shares in the last quarter. Eminence Capital LP raised its position in McGrath RentCorp by 5.6% during the 3rd quarter. Eminence Capital LP now owns 944,972 shares of the financial services provider’s stock valued at $110,845,000 after purchasing an additional 49,930 shares in the last quarter. Comerica Bank raised its position in McGrath RentCorp by 96.8% during the 4th quarter. Comerica Bank now owns 58,374 shares of the financial services provider’s stock valued at $6,125,000 after purchasing an additional 28,719 shares in the last quarter. Finally, Neumeier Poma Investment Counsel LLC raised its position in shares of McGrath RentCorp by 45.0% in the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 297,878 shares of the financial services provider’s stock worth $34,941,000 after acquiring an additional 92,472 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $112.78 on Wednesday. McGrath RentCorp has a 1-year low of $94.99 and a 1-year high of $128.41. The stock’s fifty day moving average price is $112.13 and its 200 day moving average price is $110.19. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 1.11 and a beta of 0.44.

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

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be paid a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 1.8%. The ex-dividend date is Friday, July 17th. McGrath RentCorp’s payout ratio is 31.43%.

Analysts Set New Price Targets

Several research analysts have recently commented on MGRC shares. Weiss Ratings lowered McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Barclays started coverage on McGrath RentCorp in a research report on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price target for the company. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $141.50.

Insider Buying and Selling

In related news, Director Joseph F. Hanna sold 9,470 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $112.49, for a total transaction of $1,065,280.30. Following the transaction, the director directly owned 159,579 shares in the company, valued at $17,951,041.71. The trade was a 5.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO David M. Whitney sold 539 shares of the business’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $115.00, for a total value of $61,985.00. Following the transaction, the chief accounting officer owned 10,316 shares in the company, valued at approximately $1,186,340. This trade represents a 4.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,078 shares of company stock worth $1,248,610 in the last ninety days. 1.40% of the stock is owned by insiders.

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.