McGrath RentCorp $MGRC Shares Sold by TD Asset Management Inc

TD Asset Management Inc lessened its position in shares of McGrath RentCorp (NASDAQ:MGRC) by 80.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,252 shares of the financial services provider’s stock after selling 13,572 shares during the period. TD Asset Management Inc’s holdings in McGrath RentCorp were worth $381,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its stake in shares of McGrath RentCorp by 0.7% in the 2nd quarter. American Century Companies Inc. now owns 12,263 shares of the financial services provider’s stock valued at $1,422,000 after purchasing an additional 85 shares in the last quarter. Coldstream Capital Management Inc. increased its position in McGrath RentCorp by 0.5% during the 2nd quarter. Coldstream Capital Management Inc. now owns 18,688 shares of the financial services provider’s stock worth $2,167,000 after purchasing an additional 88 shares in the last quarter. Cim LLC increased its position in McGrath RentCorp by 2.2% during the 2nd quarter. Cim LLC now owns 4,556 shares of the financial services provider’s stock worth $528,000 after purchasing an additional 99 shares in the last quarter. Summit Global Investments raised its holdings in McGrath RentCorp by 2.3% in the second quarter. Summit Global Investments now owns 4,971 shares of the financial services provider’s stock valued at $576,000 after buying an additional 114 shares during the period. Finally, Arizona State Retirement System raised its holdings in McGrath RentCorp by 1.7% in the third quarter. Arizona State Retirement System now owns 7,270 shares of the financial services provider’s stock valued at $853,000 after buying an additional 119 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on MGRC. Zacks Research raised shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 15th. Barclays began coverage on shares of McGrath RentCorp in a research note on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 target price on the stock. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of McGrath RentCorp in a report on Tuesday, January 27th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, McGrath RentCorp presently has a consensus rating of “Moderate Buy” and an average target price of $141.50.

Insiders Place Their Bets

In other news, SVP Gilda Malek sold 829 shares of the firm’s stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $107.29, for a total transaction of $88,943.41. Following the completion of the sale, the senior vice president directly owned 4,068 shares in the company, valued at $436,455.72. This trade represents a 16.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

McGrath RentCorp Stock Down 1.8%

Shares of NASDAQ:MGRC opened at $107.81 on Friday. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 16.98, a price-to-earnings-growth ratio of 1.09 and a beta of 0.50. The company has a 50 day moving average of $112.27 and a two-hundred day moving average of $112.64. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $128.41.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Wednesday, February 25th. The financial services provider reported $2.02 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.28. The business had revenue of $256.76 million for the quarter, compared to analysts’ expectations of $254.32 million. McGrath RentCorp had a net margin of 16.55% and a return on equity of 13.21%. On average, equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th will be issued a $0.495 dividend. The ex-dividend date is Thursday, April 16th. This represents a $1.98 dividend on an annualized basis and a yield of 1.8%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.49. McGrath RentCorp’s dividend payout ratio (DPR) is presently 30.55%.

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.