Key Points
- Director Joseph Hanna sold 4,748 shares for about $620,706, reducing his stake by 3.3%; he still directly owns 139,301 shares.
- McGrath RentCorp beat quarterly estimates, reporting EPS of $2.00 versus $1.89 expected and revenue of $274.61 million versus $273.25 million expected.
- Analysts maintain a consensus Hold rating with a $140 average price target; the company’s quarterly dividend annualizes to $1.98 per share, a 1.5% yield.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) Director Joseph Hanna sold 4,748 shares of the business's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $130.73, for a total value of $620,706.04. Following the sale, the director directly owned 139,301 shares of the company's stock, valued at approximately $18,210,819.73. This trade represents a 3.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
McGrath RentCorp Price Performance
Shares of NASDAQ:MGRC opened at $132.86 on Thursday. The firm has a market capitalization of $3.24 billion, a PE ratio of 20.47, a P/E/G ratio of 1.35 and a beta of 0.48. The business has a 50-day moving average of $114.69 and a two-hundred day moving average of $114.30. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $134.61.
McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.11. The company had revenue of $274.61 million for the quarter, compared to the consensus estimate of $273.25 million. McGrath RentCorp had a return on equity of 12.75% and a net margin of 16.75%. As a group, research analysts anticipate that McGrath RentCorp will post 6.38 earnings per share for the current year.
McGrath RentCorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 16th were given a dividend of $0.4950 per share. This represents a $1.98 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, October 16th. McGrath RentCorp's dividend payout ratio is 30.51%.
Analyst Ratings Changes
Separately, Weiss Ratings restated a "hold (c+)" rating on shares of McGrath RentCorp in a report on Monday, October 26th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $140.00.
Get Our Latest Stock Analysis on McGrath RentCorp
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of MGRC. Public Employees Retirement System of Ohio purchased a new stake in shares of McGrath RentCorp in the second quarter worth about $45,000. Nykredit A S purchased a new stake in shares of McGrath RentCorp during the 2nd quarter valued at about $157,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of McGrath RentCorp during the 2nd quarter valued at about $242,000. Brighton Jones LLC purchased a new stake in shares of McGrath RentCorp during the 3rd quarter valued at about $237,000. Finally, Jefferies Financial Group Inc. acquired a new position in McGrath RentCorp during the 2nd quarter worth approximately $252,000. Institutional investors and hedge funds own 92.05% of the company's stock.
About McGrath RentCorp
(
Get Free Report)
McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test equipment and related products. Its modular building offerings served customers needing temporary or permanent space, including classrooms, offices, healthcare facilities and other commercial or institutional applications.
Through brands such as Mobile Modular, the company rented relocatable buildings and portable storage units, while its TRS-RenTelco business provided electronic test and measurement equipment to telecommunications, electronics, aerospace, defense and other industrial customers.
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