K.J. Harrison & Partners Inc Invests $1.21 Million in McGrath RentCorp $MGRC

K.J. Harrison & Partners Inc acquired a new stake in McGrath RentCorp (NASDAQ:MGRC) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 10,000 shares of the financial services provider’s stock, valued at approximately $1,210,000.

A number of other large investors have also added to or reduced their stakes in the business. River Road Asset Management LLC grew its holdings in McGrath RentCorp by 3.1% during the 4th quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider’s stock worth $223,619,000 after acquiring an additional 64,566 shares during the last quarter. BlackRock Inc. bought a new position in shares of McGrath RentCorp during the second quarter valued at $252,840,000. Eminence Capital LP lifted its holdings in shares of McGrath RentCorp by 0.5% during the fourth quarter. Eminence Capital LP now owns 949,673 shares of the financial services provider’s stock worth $99,649,000 after purchasing an additional 4,701 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of McGrath RentCorp by 5.5% during the first quarter. Dimensional Fund Advisors LP now owns 906,954 shares of the financial services provider’s stock worth $100,019,000 after purchasing an additional 47,451 shares during the period. Finally, Victory Capital Management Inc. grew its stake in shares of McGrath RentCorp by 0.7% in the fourth quarter. Victory Capital Management Inc. now owns 900,181 shares of the financial services provider’s stock worth $94,456,000 after purchasing an additional 6,552 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded McGrath RentCorp from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, July 28th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.50.

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $121.04 on Tuesday. The stock has a market capitalization of $2.96 billion, a PE ratio of 19.49, a PEG ratio of 1.24 and a beta of 0.44. The business’s 50 day simple moving average is $118.18 and its 200 day simple moving average is $114.13. McGrath RentCorp has a one year low of $94.99 and a one year high of $127.68.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly 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). The firm had revenue of $221.11 million for the quarter, compared to the consensus estimate of $236.51 million. McGrath RentCorp had a return on equity of 12.44% and a net margin of 16.38%. As a group, research analysts expect that McGrath RentCorp will post 6.37 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were given a dividend of $0.495 per share. The ex-dividend date was Friday, July 17th. This represents a $1.98 annualized dividend and a dividend yield of 1.6%. McGrath RentCorp’s dividend payout ratio is 31.88%.

Insider Buying and Selling

In other news, insider Trease Kristina Van sold 3,783 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total transaction of $429,937.95. Following the transaction, the insider directly owned 6,533 shares of the company’s stock, valued at $742,475.45. This represents a 36.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Philip B. Hawkins sold 4,435 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $120.91, for a total value of $536,235.85. Following the completion of the transaction, the chief executive officer owned 13,371 shares in the company, valued at approximately $1,616,687.61. This represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 25,408 shares of company stock worth $3,014,686 over the last three months. Insiders own 1.40% of the company’s stock.

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.