McGrath RentCorp (NASDAQ:MGRC - Get Free Report) Director Joseph Hanna sold 530 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $112.00, for a total transaction of $59,360.00. Following the completion of the sale, the director owned 159,049 shares of the company's stock, valued at approximately $17,813,488. This represents a 0.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
McGrath RentCorp Stock Up 1.4%
MGRC opened at $113.06 on Wednesday. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $128.41. The company has a fifty day simple moving average of $110.81 and a 200 day simple moving average of $109.83. The stock has a market cap of $2.78 billion, a P/E ratio of 17.95, a P/E/G ratio of 1.13 and a beta of 0.45.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share for the quarter, missing analysts' consensus estimates of $1.13 by ($0.03). The company had revenue of $198.54 million during the quarter, compared to analyst estimates of $198.19 million. McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%. On average, equities research analysts expect that McGrath RentCorp will post 6.35 earnings per share for the current fiscal year.
McGrath RentCorp Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Thursday, April 16th were given a $0.495 dividend. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.49. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 16th. McGrath RentCorp's dividend payout ratio (DPR) is presently 31.43%.
Hedge Funds Weigh In On McGrath RentCorp
Large investors have recently bought and sold shares of the stock. Envestnet Asset Management Inc. raised its stake in shares of McGrath RentCorp by 112.7% in the third quarter. Envestnet Asset Management Inc. now owns 44,953 shares of the financial services provider's stock valued at $5,273,000 after buying an additional 23,817 shares during the period. Ashton Thomas Private Wealth LLC purchased a new position in shares of McGrath RentCorp in the third quarter valued at $6,866,000. Oliver Luxxe Assets LLC purchased a new position in shares of McGrath RentCorp in the third quarter valued at $1,456,000. Channing Capital Management LLC grew its position in shares of McGrath RentCorp by 19.8% in the third quarter. Channing Capital Management LLC now owns 601,583 shares of the financial services provider's stock valued at $70,566,000 after purchasing an additional 99,626 shares in the last quarter. Finally, Ranger Investment Management L.P. bought a new position in McGrath RentCorp in the 3rd quarter worth about $2,970,000. 92.05% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have recently weighed in on MGRC shares. Weiss Ratings restated a "hold (c+)" rating on shares of McGrath RentCorp in a research note on Friday, April 24th. Barclays assumed coverage on shares of McGrath RentCorp in a report on Wednesday, February 11th. They set an "overweight" rating and a $140.00 target price for the company. Finally, Zacks Research raised shares of McGrath RentCorp from a "strong sell" rating to a "hold" rating in a report on Thursday, January 15th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $141.50.
Check Out Our Latest Analysis on McGrath RentCorp
McGrath RentCorp Company Profile
(
Get Free Report)
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.
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