12,788 Shares in McGrath RentCorp $MGRC Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new stake in McGrath RentCorp (NASDAQ:MGRC) during the second quarter, Holdings Channel.com reports. The fund acquired 12,788 shares of the financial services provider’s stock, valued at approximately $1,548,000.

Other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. boosted its holdings 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. California State Teachers Retirement System raised its holdings in shares of McGrath RentCorp by 0.5% during the 2nd quarter. California State Teachers Retirement System now owns 22,696 shares of the financial services provider’s stock worth $2,632,000 after buying an additional 119 shares in the last quarter. Neuberger Berman Group LLC lifted its position in shares of McGrath RentCorp by 6.9% during the 4th quarter. Neuberger Berman Group LLC now owns 1,948 shares of the financial services provider’s stock worth $204,000 after buying an additional 126 shares during the last quarter. Osaic Holdings Inc. boosted its stake in McGrath RentCorp by 1.0% in the fourth quarter. Osaic Holdings Inc. now owns 15,596 shares of the financial services provider’s stock valued at $1,636,000 after buying an additional 149 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in McGrath RentCorp by 0.3% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,748 shares of the financial services provider’s stock valued at $7,004,000 after acquiring an additional 175 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

McGrath RentCorp Stock Performance

Shares of NASDAQ:MGRC opened at $109.90 on Friday. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $127.68. The company has a market capitalization of $2.68 billion, a PE ratio of 17.70, a price-to-earnings-growth ratio of 1.11 and a beta of 0.45. The company has a fifty day moving average of $117.52 and a 200-day moving average of $113.92.

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

Insider Transactions at McGrath RentCorp

In other news, Director Joseph F. Hanna sold 7,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $120.64, for a total value of $904,800.00. Following the completion of the transaction, the director owned 151,549 shares of the company’s stock, valued at $18,282,871.36. This represents a 4.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Philip Hawkins sold 4,435 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $120.91, for a total transaction of $536,235.85. Following the completion of the transaction, the chief executive officer owned 13,371 shares of the company’s stock, valued at approximately $1,616,687.61. This trade represents a 24.91% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 25,408 shares of company stock valued at $3,014,686. 1.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised 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 assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.