David Whitney Sells 539 Shares of McGrath RentCorp (NASDAQ:MGRC) Stock

McGrath RentCorp (NASDAQ:MGRC) CAO David Whitney sold 539 shares of McGrath RentCorp stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $115.00, for a total value of $61,985.00. Following the transaction, the chief accounting officer directly owned 10,316 shares in the company, valued at approximately $1,186,340. The trade was a 4.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

McGrath RentCorp Stock Down 0.1%

Shares of NASDAQ:MGRC opened at $109.83 on Thursday. The stock has a market cap of $2.70 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 1.12 and a beta of 0.45. McGrath RentCorp has a 12-month low of $94.99 and a 12-month high of $128.41. The business’s 50 day moving average is $111.25 and its 200 day moving average is $109.56.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). The company had revenue of $198.54 million for the quarter, compared to analysts’ expectations of $198.19 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. As a group, equities research analysts expect that McGrath RentCorp will post 6.35 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Thursday, April 16th were issued a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a yield of 1.8%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.49. The ex-dividend date was Thursday, April 16th. McGrath RentCorp’s dividend payout ratio is 31.43%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Weiss Ratings lowered McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Barclays assumed coverage on McGrath RentCorp in a report on Wednesday, February 11th. They set an “overweight” rating and a $140.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $141.50.

Institutional Trading of McGrath RentCorp

A number of hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its stake in shares of McGrath RentCorp by 690,151.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 296,808 shares of the financial services provider’s stock valued at $31,144,000 after buying an additional 296,765 shares during the period. Channing Capital Management LLC raised its stake in shares of McGrath RentCorp by 39.1% in the fourth quarter. Channing Capital Management LLC now owns 836,894 shares of the financial services provider’s stock valued at $87,815,000 after buying an additional 235,311 shares during the period. Alyeska Investment Group L.P. raised its stake in shares of McGrath RentCorp by 752.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 237,506 shares of the financial services provider’s stock valued at $24,922,000 after buying an additional 209,646 shares during the period. Raymond James Financial Inc. raised its stake in shares of McGrath RentCorp by 102.8% in the third quarter. Raymond James Financial Inc. now owns 303,205 shares of the financial services provider’s stock valued at $35,566,000 after buying an additional 153,701 shares during the period. Finally, Tredje AP fonden bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at $12,246,000. 92.05% of the stock is currently owned by institutional investors.

About McGrath RentCorp

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.