Capital World Investors Increases Stock Holdings in McGrath RentCorp $MGRC

Capital World Investors boosted its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 9.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 321,100 shares of the financial services provider’s stock after acquiring an additional 26,564 shares during the quarter. Capital World Investors owned 1.30% of McGrath RentCorp worth $33,693,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new position in McGrath RentCorp during the 3rd quarter valued at about $29,000. EverSource Wealth Advisors LLC boosted its holdings 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 acquiring an additional 238 shares during the period. Danske Bank A S purchased a new position in McGrath RentCorp during the 3rd quarter valued at about $47,000. Strs Ohio purchased a new position in McGrath RentCorp during the 1st quarter valued at about $56,000. Finally, Covestor Ltd boosted its holdings in McGrath RentCorp by 52.0% during the 4th 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. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on MGRC. Weiss Ratings cut McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Barclays began coverage on McGrath RentCorp in a report on Wednesday, February 11th. They set an “overweight” rating and a $140.00 target price for the company. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.50.

Insider Activity

In other news, insider Trease Kristina Van sold 539 shares of McGrath RentCorp stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $115.00, for a total value of $61,985.00. Following the completion of the transaction, the insider owned 10,316 shares in the company, valued at approximately $1,186,340. This trade represents a 4.97% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO David M. Whitney sold 539 shares of McGrath RentCorp stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $115.00, for a total value of $61,985.00. Following the completion of the transaction, the chief accounting officer owned 10,316 shares of the company’s stock, valued at $1,186,340. The trade was a 4.97% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 11,078 shares of company stock worth $1,248,610. 1.40% of the stock is currently owned by company insiders.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $112.78 on Wednesday. The stock has a 50-day simple moving average of $112.13 and a 200-day simple moving average of $110.19. The stock has a market capitalization of $2.77 billion, a PE ratio of 17.90, a PEG ratio of 1.11 and a beta of 0.44. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $128.41.

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

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be paid a $0.495 dividend. This represents a $1.98 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 31.43%.

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.