State of New Jersey Common Pension Fund D Boosts Stock Position in McGrath RentCorp $MGRC

State of New Jersey Common Pension Fund D boosted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 6.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 16,442 shares of the financial services provider’s stock after purchasing an additional 1,047 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in McGrath RentCorp were worth $1,907,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. AlphaQuest LLC increased its holdings in McGrath RentCorp by 3.0% in the second quarter. AlphaQuest LLC now owns 5,930 shares of the financial services provider’s stock valued at $688,000 after buying an additional 170 shares during the last quarter. TrueMark Investments LLC purchased a new position in McGrath RentCorp in the second quarter valued at $1,190,000. Praxis Investment Management Inc. purchased a new position in McGrath RentCorp in the second quarter valued at $394,000. Allianz Asset Management GmbH increased its holdings in McGrath RentCorp by 1,803.8% in the second quarter. Allianz Asset Management GmbH now owns 180,195 shares of the financial services provider’s stock valued at $20,895,000 after buying an additional 170,730 shares during the last quarter. Finally, New York State Teachers Retirement System purchased a new position in McGrath RentCorp in the second quarter valued at $258,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Trading Down 1.7%

MGRC stock opened at $107.44 on Friday. The firm has a 50 day moving average of $119.15 and a 200-day moving average of $116.51. McGrath RentCorp has a 12-month low of $97.81 and a 12-month high of $129.93. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 1.18 and a beta of 0.56.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.11). McGrath RentCorp had a net margin of 15.62% and a return on equity of 12.59%. The company had revenue of $256.44 million for the quarter, compared to analyst estimates of $266.62 million. During the same quarter in the previous year, the business posted $1.87 earnings per share. McGrath RentCorp’s revenue was down 3.9% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. Sell-side analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 17th were given a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 32.83%.

Insider Activity

In other news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total transaction of $177,750.00. Following the completion of the sale, the director directly owned 7,000 shares in the company, valued at approximately $829,500. This trade represents a 17.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

MGRC has been the topic of a number of research analyst reports. Weiss Ratings cut McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday. Oppenheimer lifted their target price on McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research report on Thursday, September 18th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, McGrath RentCorp presently has a consensus rating of “Moderate Buy” and an average target price of $147.50.

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.