McGrath RentCorp (NASDAQ:MGRC) Director Sells $862,800.00 in Stock

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $115.04, for a total transaction of $862,800.00. Following the completion of the sale, the director owned 144,049 shares in the company, valued at $16,571,396.96. The trade was a 4.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

McGrath RentCorp Trading Up 2.2%

MGRC stock traded up $2.57 on Friday, hitting $117.56. 153,232 shares of the company’s stock traded hands, compared to its average volume of 146,922. The stock has a market cap of $2.87 billion, a price-to-earnings ratio of 18.93, a P/E/G ratio of 1.16 and a beta of 0.47. McGrath RentCorp has a 1-year low of $94.99 and a 1-year high of $125.83. The stock has a fifty day moving average of $115.20 and a 200-day moving average of $114.14.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.47 by ($0.10). The business had revenue of $221.11 million during the quarter, compared to analyst estimates of $236.51 million. McGrath RentCorp had a return on equity of 12.44% and a net margin of 16.38%. On average, equities research analysts anticipate that McGrath RentCorp will post 6.37 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Friday, October 16th will be paid a dividend of $0.4950 per share. The ex-dividend date of this dividend is Friday, October 16th. This represents a $1.98 annualized dividend and a dividend yield of 1.7%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 31.88%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Inspire Investing LLC lifted its stake in shares of McGrath RentCorp by 4.4% in the 1st quarter. Inspire Investing LLC now owns 4,652 shares of the financial services provider’s stock valued at $513,000 after purchasing an additional 198 shares during the last quarter. Navellier & Associates Inc. boosted its holdings in McGrath RentCorp by 12.8% in the second quarter. Navellier & Associates Inc. now owns 2,626 shares of the financial services provider’s stock worth $318,000 after purchasing an additional 297 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in McGrath RentCorp during the second quarter worth $45,000. Diversified Trust Co increased its position in McGrath RentCorp by 16.0% during the first quarter. Diversified Trust Co now owns 2,705 shares of the financial services provider’s stock worth $298,000 after buying an additional 373 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in McGrath RentCorp by 0.8% during the second quarter. Wedge Capital Management L L P NC now owns 47,481 shares of the financial services provider’s stock valued at $5,747,000 after buying an additional 390 shares in the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings raised McGrath RentCorp from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $140.00.

About McGrath RentCorp

McGrath RentCorp was a business-to-business rental company headquartered in Livermore, California. The company provided temporary and longer-term rental solutions for modular buildings, portable storage, electronic test equipment and related products, serving customers in the education, government, construction, commercial and industrial sectors.

Its Mobile Modular business supplied relocatable classrooms, office buildings and other modular structures, while its TRS-RenTelco operation rented electronic test and measurement equipment used by telecommunications, electronics, aerospace and other industrial customers.