Corient Private Wealth LP Makes New $1.37 Million Investment in McGrath RentCorp $MGRC

Corient Private Wealth LP bought a new stake in McGrath RentCorp (NASDAQ:MGRC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,321 shares of the financial services provider’s stock, valued at approximately $1,370,000.

Several other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in McGrath RentCorp by 767.7% during the second 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 stake in shares of McGrath RentCorp during the 3rd quarter valued at $47,000. Strs Ohio purchased a new stake in shares of McGrath RentCorp in the first quarter worth $56,000. Covestor Ltd raised its position in shares of McGrath RentCorp by 52.0% in the 4th quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 474 shares during the last quarter. Finally, Neuberger Berman Group LLC boosted its stake in McGrath RentCorp by 6.9% in the 4th quarter. Neuberger Berman Group LLC now owns 1,948 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 126 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling at McGrath RentCorp

In other news, CAO David Whitney sold 3,783 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total transaction of $429,937.95. Following the completion of the sale, the chief accounting officer owned 6,533 shares of the company’s stock, valued at $742,475.45. The trade was a 36.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kristina Van Trease sold 3,783 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the sale, the insider owned 6,533 shares of the company’s stock, valued at $742,475.45. This trade represents a 36.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 25,408 shares of company stock worth $3,014,686. Insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Up 1.5%

Shares of NASDAQ:MGRC opened at $111.59 on Friday. The firm’s 50 day moving average price is $117.29 and its 200-day moving average price is $113.90. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $127.68. The stock has a market capitalization of $2.73 billion, a PE ratio of 17.97, a price-to-earnings-growth ratio of 1.11 and a beta of 0.45.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.47 by ($0.10). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. The business had revenue of $221.11 million for the quarter, compared to the consensus estimate of $236.51 million. Analysts expect that McGrath RentCorp will post 6.37 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded shares of McGrath RentCorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. Two research 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.50.

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.