Clearbridge Investments LLC Reduces Stock Position in McGrath RentCorp $MGRC

Clearbridge Investments LLC lessened its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 1.3% during the 4th quarter, Holdings Channel reports. The firm owned 341,878 shares of the financial services provider’s stock after selling 4,501 shares during the quarter. Clearbridge Investments LLC’s holdings in McGrath RentCorp were worth $35,873,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new stake in McGrath RentCorp during the 3rd quarter valued at about $29,000. EverSource Wealth Advisors LLC grew its stake in McGrath RentCorp by 767.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 238 shares during the last quarter. Danske Bank A S acquired a new position in shares of McGrath RentCorp in the 3rd quarter valued at about $47,000. Strs Ohio acquired a new position in shares of McGrath RentCorp in the 1st quarter valued at about $56,000. Finally, Covestor Ltd lifted its holdings 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 valued at $145,000 after buying an additional 474 shares during the period. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Weiss Ratings cut McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Barclays assumed coverage on McGrath RentCorp in a report on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price objective for the company. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $141.50.

Insider Activity

In related news, Director Joseph F. Hanna sold 530 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $112.00, for a total value of $59,360.00. Following the completion of the transaction, the director directly owned 159,049 shares in the company, valued at approximately $17,813,488. This represents a 0.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO David M. Whitney sold 539 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $115.00, for a total value of $61,985.00. Following the completion of the transaction, the chief accounting officer owned 10,316 shares of the company’s stock, valued at $1,186,340. The trade was a 4.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 11,078 shares of company stock worth $1,248,610 over the last ninety days. Corporate insiders own 1.40% of the company’s stock.

McGrath RentCorp Trading Up 3.2%

NASDAQ MGRC opened at $112.78 on Wednesday. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 1.11 and a beta of 0.44. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The stock has a 50-day moving average of $112.13 and a 200 day moving average of $110.19.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.03). McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%.The business had revenue of $198.54 million during the quarter, compared to analyst estimates of $198.19 million. Equities analysts predict that McGrath RentCorp will post 6.35 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be given a $0.495 dividend. The ex-dividend date is Friday, July 17th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.8%. McGrath RentCorp’s dividend payout ratio is 31.43%.

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.