McGrath RentCorp (NASDAQ:MGRC) Stock: Insider Joseph Hanna Sells 4,748 Shares

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 4,748 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $130.73, for a total value of $620,706.04. Following the transaction, the director directly owned 139,301 shares of the company’s stock, valued at approximately $18,210,819.73. This represents a 3.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

McGrath RentCorp Stock Down 4.0%

Shares of McGrath RentCorp stock opened at $127.48 on Friday. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $134.61. The company has a 50 day moving average of $114.96 and a 200 day moving average of $114.39. The company has a market capitalization of $3.11 billion, a P/E ratio of 20.47, a P/E/G ratio of 1.34 and a beta of 0.48.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.11. The business had revenue of $274.61 million during the quarter, compared to analysts’ expectations of $273.25 million. McGrath RentCorp had a net margin of 16.75% and a return on equity of 12.75%. As a group, research analysts anticipate that McGrath RentCorp will post 6.38 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were given a dividend of $0.4950 per share. The ex-dividend date was Friday, October 16th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.6%. McGrath RentCorp’s payout ratio is 30.51%.

Analysts Set New Price Targets

Separately, Weiss Ratings reaffirmed 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 assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $140.00.

Institutional Trading of McGrath RentCorp

Hedge funds have recently made changes to their positions in the company. Ethic Inc. lifted its position in shares of McGrath RentCorp by 4.9% during the 3rd quarter. Ethic Inc. now owns 2,520 shares of the financial services provider’s stock valued at $288,000 after acquiring an additional 117 shares during the period. Keybank National Association OH grew its holdings in shares of McGrath RentCorp by 3.9% during the third quarter. Keybank National Association OH now owns 5,381 shares of the financial services provider’s stock worth $615,000 after buying an additional 202 shares in the last quarter. Navellier & Associates Inc. raised its holdings in McGrath RentCorp by 12.8% in the 2nd quarter. Navellier & Associates Inc. now owns 2,626 shares of the financial services provider’s stock valued at $318,000 after acquiring an additional 297 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in McGrath RentCorp by 19.7% during the third quarter. Nisa Investment Advisors LLC now owns 2,153 shares of the financial services provider’s stock worth $246,000 after buying an additional 354 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of McGrath RentCorp in the second quarter worth approximately $45,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

About McGrath RentCorp

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.