Cibc World Market Inc. Takes $2.16 Million Position in McGrath RentCorp $MGRC

Cibc World Market Inc. bought a new position in McGrath RentCorp (NASDAQ:MGRC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 17,849 shares of the financial services provider’s stock, valued at approximately $2,160,000. Cibc World Market Inc. owned approximately 0.07% of McGrath RentCorp at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MGRC. EverSource Wealth Advisors LLC raised its holdings in shares of McGrath RentCorp by 767.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 238 shares in the last quarter. Danske Bank A S bought a new position in shares of McGrath RentCorp during the 3rd quarter valued at approximately $47,000. Strs Ohio purchased a new position in shares of McGrath RentCorp in the first quarter valued at $56,000. Covestor Ltd grew its holdings in shares of McGrath RentCorp by 52.0% in the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 474 shares in the last quarter. Finally, Neuberger Berman Group LLC increased its position in McGrath RentCorp by 6.9% in the fourth quarter. Neuberger Berman Group LLC now owns 1,948 shares of the financial services provider’s stock worth $204,000 after purchasing an additional 126 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, CAO David M. Whitney sold 3,783 shares of McGrath RentCorp stock in a transaction 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 completion of the sale, the chief accounting officer directly owned 6,533 shares of the company’s stock, valued at $742,475.45. The trade was a 36.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Trease Kristina Van sold 3,783 shares of McGrath RentCorp stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the sale, the insider owned 6,533 shares of the company’s stock, valued at $742,475.45. The trade was a 36.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 25,408 shares of company stock worth $3,014,686 over the last three months. Corporate insiders own 1.40% of the company’s stock.

Wall Street Analyst Weigh In

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

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $114.15 on Thursday. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $127.68. The firm has a market capitalization of $2.79 billion, a P/E ratio of 18.38, a P/E/G ratio of 1.16 and a beta of 0.44. The stock has a 50 day moving average price of $118.54 and a 200 day moving average price of $114.15.

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 company had revenue of $221.11 million for the quarter, compared to analysts’ expectations of $236.51 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. As a group, sell-side analysts forecast that McGrath RentCorp will post 6.37 EPS for the current year.

McGrath RentCorp Dividend Announcement

The business also recently announced 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 of this dividend was Friday, July 17th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. McGrath RentCorp’s dividend payout ratio (DPR) is 31.88%.

McGrath RentCorp 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.