AlphaQuest LLC Buys 9,723 Shares of McGrath RentCorp $MGRC

AlphaQuest LLC grew its position in McGrath RentCorp (NASDAQ:MGRC) by 354.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 12,463 shares of the financial services provider’s stock after acquiring an additional 9,723 shares during the quarter. AlphaQuest LLC’s holdings in McGrath RentCorp were worth $1,308,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MGRC. Aster Capital Management DIFC Ltd acquired a new stake in McGrath RentCorp in the 3rd quarter worth approximately $29,000. Cullen Frost Bankers Inc. purchased a new position in McGrath RentCorp during the 3rd quarter worth approximately $30,000. EverSource Wealth Advisors LLC raised its stake in shares of 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 last quarter. Danske Bank A S purchased a new position in shares of McGrath RentCorp during the 3rd quarter valued at about $47,000. Finally, Strs Ohio purchased a new position in shares of McGrath RentCorp during the 1st quarter valued at approximately $56,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analysts Set New Price Targets

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

Insider Transactions at McGrath RentCorp

In other news, 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 transaction of $1,065,280.30. Following the completion of the transaction, the director directly owned 159,579 shares in the company, valued at $17,951,041.71. This trade represents a 5.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO David M. Whitney sold 539 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $115.00, for a total transaction of $61,985.00. Following the completion of the transaction, the chief accounting officer directly owned 10,316 shares of the company’s stock, valued at approximately $1,186,340. The trade was a 4.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 11,078 shares of company stock worth $1,248,610 over the last ninety days. Company insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock opened at $111.37 on Friday. The firm has a market capitalization of $2.74 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 1.13 and a beta of 0.45. The stock has a 50 day moving average of $112.01 and a 200 day moving average of $109.71. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $128.41.

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). The company had revenue of $198.54 million for the quarter, compared to analysts’ expectations of $198.19 million. McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%. Analysts forecast that McGrath RentCorp will post 6.35 EPS for the current year.

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.