40,300 Shares in McGrath RentCorp $MGRC Acquired by Manatuck Hill Partners LLC

Manatuck Hill Partners LLC acquired a new stake in McGrath RentCorp (NASDAQ:MGRC) during the 2nd quarter, HoldingsChannel reports. The firm acquired 40,300 shares of the financial services provider’s stock, valued at approximately $4,878,000. McGrath RentCorp accounts for about 1.6% of Manatuck Hill Partners LLC’s investment portfolio, making the stock its 18th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of MGRC. EverSource Wealth Advisors LLC increased its position in McGrath RentCorp by 767.7% in the second quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after buying an additional 238 shares during the last quarter. Danske Bank A S purchased a new position in shares of McGrath RentCorp during the 3rd quarter valued at $47,000. Strs Ohio bought a new position in shares of McGrath RentCorp during the 1st quarter worth $56,000. Covestor Ltd grew its stake in shares of McGrath RentCorp by 52.0% during the 4th quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 474 shares during the period. Finally, Neuberger Berman Group LLC increased its holdings 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 acquiring an additional 126 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at McGrath RentCorp

In related news, CEO Philip B. Hawkins sold 4,435 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $120.91, for a total transaction of $536,235.85. Following the sale, the chief executive officer owned 13,371 shares of the company’s stock, valued at approximately $1,616,687.61. This represents a 24.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP John Lieffrig sold 500 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $125.00, for a total value of $62,500.00. Following the completion of the transaction, the vice president owned 23,551 shares of the company’s stock, valued at approximately $2,943,875. This represents a 2.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,408 shares of company stock worth $3,014,686 in the last 90 days. 1.40% of the stock is owned by company insiders.

McGrath RentCorp Trading Down 1.5%

MGRC opened at $114.73 on Wednesday. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $127.68. The company has a market cap of $2.80 billion, a PE ratio of 18.48, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44. The company has a 50 day moving average of $118.53 and a 200 day moving average of $114.19.

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

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were paid a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 17th. McGrath RentCorp’s payout ratio is presently 31.88%.

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.