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

Cibc World Market Inc. bought a new stake in McGrath RentCorp (NASDAQ:MGRC) in the 2nd quarter, HoldingsChannel reports. The fund bought 17,849 shares of the financial services provider’s stock, valued at approximately $2,160,000.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC boosted its stake in McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 238 shares in the last quarter. Danske Bank A S purchased a new stake in McGrath RentCorp in the third quarter valued at approximately $47,000. Strs Ohio purchased a new stake in McGrath RentCorp in the first quarter valued at approximately $56,000. Covestor Ltd increased its holdings in McGrath RentCorp by 52.0% in the 4th quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock worth $145,000 after buying an additional 474 shares during the period. Finally, Voleon Capital Management LP acquired a new stake in McGrath RentCorp during the 3rd quarter valued at approximately $204,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Stock Down 0.5%

MGRC opened at $114.15 on Thursday. The company has a market cap of $2.79 billion, a price-to-earnings ratio of 18.38, a PEG ratio of 1.16 and a beta of 0.44. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $127.68. The firm’s fifty day simple moving average is $118.54 and its two-hundred day simple moving average is $114.15.

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

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Friday, July 17th were issued 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 is presently 31.88%.

Insider Buying and Selling at McGrath RentCorp

In other news, VP John Lieffrig sold 500 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $125.00, for a total value of $62,500.00. Following the completion of the sale, the vice president directly owned 23,551 shares in the company, valued at $2,943,875. This represents a 2.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP John P. Skenesky sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total transaction of $240,820.00. Following the completion of the transaction, the vice president directly owned 10,634 shares in the company, valued at approximately $1,280,439.94. This represents a 15.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 25,408 shares of company stock valued at $3,014,686. 1.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.