Freestone Grove Partners LP Takes Position in McGrath RentCorp $MGRC

Freestone Grove Partners LP bought a new position in McGrath RentCorp (NASDAQ:MGRC) in the 2nd quarter, Holdings Channel reports. The firm bought 7,510 shares of the financial services provider’s stock, valued at approximately $909,000.

A number of other large investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in McGrath RentCorp by 767.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 238 shares during the last quarter. Danske Bank A S bought a new stake in McGrath RentCorp in the third quarter worth about $47,000. Strs Ohio bought a new stake in McGrath RentCorp in the first quarter worth about $56,000. Covestor Ltd boosted its position in shares of McGrath RentCorp by 52.0% during the fourth quarter. Covestor Ltd now owns 1,385 shares of the financial services provider’s stock valued at $145,000 after buying an additional 474 shares during the period. Finally, Neuberger Berman Group LLC boosted its position in shares of McGrath RentCorp by 6.9% during the fourth quarter. Neuberger Berman Group LLC now owns 1,948 shares of the financial services provider’s stock valued at $204,000 after buying an additional 126 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $141.50.

Insiders Place Their Bets

In related news, CAO David M. Whitney sold 3,783 shares of the company’s 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 in the company, valued at $742,475.45. This represents a 36.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Joseph F. Hanna sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $120.64, for a total value of $904,800.00. Following the sale, the director directly owned 151,549 shares in the company, valued at approximately $18,282,871.36. The trade was a 4.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 25,408 shares of company stock worth $3,014,686. Insiders own 1.40% of the company’s stock.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $112.28 on Friday. The company has a 50 day moving average price of $118.33 and a 200-day moving average price of $114.09. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $127.68. The stock has a market capitalization of $2.74 billion, a PE ratio of 18.08, a PEG ratio of 1.14 and a beta of 0.44.

McGrath RentCorp (NASDAQ:MGRC) last issued 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 business 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%. Equities research 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. Shareholders of record on Friday, July 17th were given a dividend of $0.495 per share. This represents a $1.98 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 17th. 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.