McGrath RentCorp $MGRC Shares Bought by Hudson Edge Investment Partners Inc.

Hudson Edge Investment Partners Inc. raised its position in McGrath RentCorp (NASDAQ:MGRC) by 15.6% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 3,405 shares of the financial services provider’s stock after acquiring an additional 460 shares during the quarter. Hudson Edge Investment Partners Inc.’s holdings in McGrath RentCorp were worth $395,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. Adirondack Trust Co. increased its stake in McGrath RentCorp by 20.0% in the 2nd quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider’s stock valued at $70,000 after buying an additional 100 shares during the period. Hsbc Holdings PLC increased its stake in McGrath RentCorp by 3.9% in the 1st quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider’s stock valued at $460,000 after buying an additional 153 shares during the period. Nisa Investment Advisors LLC increased its stake in McGrath RentCorp by 9.1% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider’s stock valued at $233,000 after buying an additional 174 shares during the period. Hamilton Point Investment Advisors LLC increased its stake in McGrath RentCorp by 0.4% in the 1st quarter. Hamilton Point Investment Advisors LLC now owns 54,314 shares of the financial services provider’s stock valued at $6,051,000 after buying an additional 192 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in McGrath RentCorp by 8.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 2,621 shares of the financial services provider’s stock valued at $292,000 after buying an additional 209 shares during the period. 92.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Oppenheimer boosted their price objective on shares of McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, McGrath RentCorp has an average rating of “Buy” and a consensus price target of $147.50.

McGrath RentCorp Stock Down 0.6%

McGrath RentCorp stock opened at $115.92 on Friday. McGrath RentCorp has a 52 week low of $97.81 and a 52 week high of $129.93. The firm’s 50-day simple moving average is $121.53 and its 200 day simple moving average is $115.64. The firm has a market capitalization of $2.85 billion, a PE ratio of 11.29, a P/E/G ratio of 1.20 and a beta of 0.56.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, topping the consensus estimate of $1.30 by $0.16. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The business had revenue of $235.62 million for the quarter, compared to analyst estimates of $220.71 million. During the same period in the previous year, the firm earned $0.84 EPS. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, research analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Friday, October 17th will be given a $0.485 dividend. The ex-dividend date is Friday, October 17th. This represents a $1.94 annualized dividend and a dividend yield of 1.7%. McGrath RentCorp’s payout ratio is currently 18.89%.

Insider Activity

In related news, Director Kimberly Ann Box sold 1,500 shares of the business’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total value of $177,750.00. Following the sale, the director directly owned 7,000 shares in the company, valued at $829,500. The trade was a 17.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 14,577 shares of the business’s stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total transaction of $1,844,719.35. Following the completion of the sale, the chief executive officer owned 153,637 shares in the company, valued at $19,442,762.35. This represents a 8.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.40% of the stock is owned by insiders.

McGrath RentCorp Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.