Manulife adds $1.5M stake in McGrath RentCorp as earnings miss estimates
What's the deal? The Manufacturers Life Insurance CompanyDealroom has a profile for this one. Try Dealroom → bought 12,788 shares of McGrath RentCorpDealroom has a profile for this one. Try Dealroom → for roughly $1,548,000, according to a recent SEC filing. The purchase lifts its holding to 0.05% of the equipment rental firm.
Why it matters: The move adds to heavy institutional ownership. Investors and hedge funds now hold 92.05% of McGrath RentCorp's stock.
The context: Other buyers piled in during the second quarter. EverSource Wealth Advisors LLCDealroom has a profile for this one. Try Dealroom → raised its holdings by 767.7%, while Danske BankDealroom has a profile for this one. Try Dealroom →, Strs Ohio, and Voleon Capital Management LPDealroom has a profile for this one. Try Dealroom → opened new positions.
The catch: McGrath's latest results fell short. Earnings came in at $1.37 per share against a $1.47 estimate, and revenue reached $221.11 million versus expectations of $236.51 million.
By the numbers: Shares recently opened at $109.90, below the 50-day average of $117.52. The company carries a $2.68 billion market capitalisation, a "Moderate Buy" consensus rating, and a $141.50 price target.
Worth noting: Insiders Kristina Van Trease and David Whitney sold shares on June 10. McGrath RentCorp rents equipment across mobile storage and water management markets.
The signal: Institutions keep building positions in McGrath even as quarterly results miss, betting on the rental firm's long-term appeal over short-term softness.
Read more: insurasales.com
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