McGrath RentCorp $MGRC Stock Holdings Lifted by Comerica Bank

Comerica Bank grew its position in McGrath RentCorp (NASDAQ:MGRC) by 210.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 16,712 shares of the financial services provider’s stock after purchasing an additional 11,335 shares during the period. Comerica Bank owned approximately 0.07% of McGrath RentCorp worth $1,862,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its stake in McGrath RentCorp by 13.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider’s stock valued at $115,685,000 after buying an additional 120,829 shares during the period. Eminence Capital LP acquired a new position in shares of McGrath RentCorp in the 4th quarter worth approximately $83,898,000. Victory Capital Management Inc. grew its stake in shares of McGrath RentCorp by 1.1% in the 1st quarter. Victory Capital Management Inc. now owns 648,772 shares of the financial services provider’s stock worth $72,273,000 after purchasing an additional 7,063 shares during the last quarter. Channing Capital Management LLC acquired a new position in shares of McGrath RentCorp in the 1st quarter worth approximately $55,049,000. Finally, Silvercrest Asset Management Group LLC grew its stake in shares of McGrath RentCorp by 12.1% in the 4th quarter. Silvercrest Asset Management Group LLC now owns 333,046 shares of the financial services provider’s stock worth $37,241,000 after purchasing an additional 36,057 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Price Performance

Shares of MGRC opened at $120.58 on Wednesday. The firm’s 50 day moving average is $119.90 and its 200-day moving average is $115.22. The stock has a market capitalization of $2.97 billion, a P/E ratio of 11.74, a P/E/G ratio of 1.25 and a beta of 0.61. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, July 24th. The financial services provider reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.16. The business had revenue of $235.62 million for the quarter, compared to the consensus estimate of $220.71 million. McGrath RentCorp had a net margin of 26.81% and a return on equity of 13.52%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

Insider Activity

In other news, Director Kimberly Ann Box sold 1,500 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total value of $177,750.00. Following the transaction, the director directly owned 7,000 shares of the company’s stock, valued at $829,500. This trade represents a 17.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO David M. Whitney sold 2,221 shares of McGrath RentCorp stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the transaction, the chief accounting officer directly owned 6,694 shares in the company, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,519 shares of company stock valued at $2,529,790. 1.40% of the stock is currently owned by insiders.

About McGrath RentCorp

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.