GABELLI & Co INVESTMENT ADVISERS INC. Acquires 8,550 Shares of McGrath RentCorp $MGRC

GABELLI & Co INVESTMENT ADVISERS INC. boosted its holdings in McGrath RentCorp (NASDAQ:MGRC) by 62.2% in the 4th quarter, HoldingsChannel reports. The firm owned 22,288 shares of the financial services provider’s stock after purchasing an additional 8,550 shares during the quarter. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in McGrath RentCorp were worth $2,339,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MGRC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in McGrath RentCorp by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,528 shares of the financial services provider’s stock worth $1,618,000 after purchasing an additional 639 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in McGrath RentCorp by 5.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,256 shares of the financial services provider’s stock worth $8,606,000 after purchasing an additional 3,967 shares during the period. Jane Street Group LLC boosted its stake in McGrath RentCorp by 2,213.6% in the 1st quarter. Jane Street Group LLC now owns 58,140 shares of the financial services provider’s stock worth $6,477,000 after purchasing an additional 55,627 shares during the period. Focus Partners Wealth boosted its stake in McGrath RentCorp by 68.6% in the 1st quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider’s stock worth $228,000 after purchasing an additional 832 shares during the period. Finally, Intech Investment Management LLC boosted its stake in McGrath RentCorp by 24.8% in the 1st quarter. Intech Investment Management LLC now owns 13,800 shares of the financial services provider’s stock worth $1,537,000 after purchasing an additional 2,745 shares during the period. 92.05% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Joseph F. Hanna sold 530 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $112.00, for a total transaction of $59,360.00. Following the sale, the director owned 159,049 shares in the company, valued at approximately $17,813,488. This represents a 0.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGRC. Barclays began coverage on McGrath RentCorp in a research note on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price target for the company. Weiss Ratings downgraded McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $141.50.

McGrath RentCorp Price Performance

Shares of MGRC opened at $111.75 on Monday. The stock has a market capitalization of $2.74 billion, a price-to-earnings ratio of 17.74, a price-to-earnings-growth ratio of 1.13 and a beta of 0.45. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $128.41. The business’s 50 day simple moving average is $111.06 and its 200-day simple moving average is $109.56.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). The firm had revenue of $198.54 million for the quarter, compared to analysts’ expectations of $198.19 million. McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%. On average, sell-side analysts expect that McGrath RentCorp will post 6.35 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Thursday, April 16th were issued a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 1.8%. The ex-dividend date was Thursday, April 16th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.49. McGrath RentCorp’s payout ratio is currently 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.