Northwestern Mutual Wealth Management Co. Purchases 296,765 Shares of McGrath RentCorp $MGRC

Northwestern Mutual Wealth Management Co. grew its position in McGrath RentCorp (NASDAQ:MGRC) by 690,151.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 296,808 shares of the financial services provider’s stock after acquiring an additional 296,765 shares during the quarter. Northwestern Mutual Wealth Management Co. owned 1.21% of McGrath RentCorp worth $31,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd bought a new stake in McGrath RentCorp in the 3rd quarter worth approximately $29,000. Cullen Frost Bankers Inc. bought a new stake in McGrath RentCorp in the 3rd quarter worth approximately $30,000. EverSource Wealth Advisors LLC increased its stake 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 worth $31,000 after acquiring an additional 238 shares during the last quarter. Danske Bank A S bought a new stake in McGrath RentCorp in the 3rd quarter worth approximately $47,000. Finally, Strs Ohio bought a new stake in McGrath RentCorp in the 1st quarter worth approximately $56,000. Institutional investors own 92.05% of the company’s stock.

Insider Activity at McGrath RentCorp

In other news, Director Joseph F. Hanna sold 9,470 shares of McGrath RentCorp stock in a transaction that occurred 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 transaction, the director owned 159,579 shares in the company, valued at approximately $17,951,041.71. The trade was a 5.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock opened at $112.76 on Tuesday. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 17.90, a price-to-earnings-growth ratio of 1.13 and a beta of 0.45. The stock has a 50 day moving average price of $111.12 and a 200-day moving average price of $109.56. McGrath RentCorp has a one year low of $94.99 and a one year high of $128.41.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $1.10 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 12.84% and a net margin of 16.38%. Sell-side analysts predict that McGrath RentCorp will post 6.35 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Thursday, April 16th were issued a $0.495 dividend. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.49. The ex-dividend date was Thursday, April 16th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.8%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 31.43%.

Analysts Set New Price Targets

MGRC has been the topic of a number of research reports. Barclays initiated coverage on McGrath RentCorp in a research note on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price objective on the stock. Weiss Ratings downgraded McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.50.

McGrath RentCorp Company 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.