McGrath RentCorp (NASDAQ:MGRC) was the target of a large increase in short interest in May. As of May 31st, there was short interest totalling 484,200 shares, an increase of 15.3% from the April 30th total of 420,000 shares. Approximately 2.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 108,200 shares, the short-interest ratio is presently 4.5 days.
In related news, VP Keith E. Pratt sold 512 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $62.03, for a total transaction of $31,759.36. Following the sale, the vice president now directly owns 27,494 shares in the company, valued at approximately $1,705,452.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Philip B. Hawkins sold 5,101 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $63.41, for a total value of $323,454.41. Following the sale, the vice president now owns 196 shares in the company, valued at $12,428.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,575 shares of company stock valued at $416,974. 2.00% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Burney Co. boosted its position in McGrath RentCorp by 5.3% in the 1st quarter. Burney Co. now owns 106,827 shares of the financial services provider’s stock valued at $6,043,000 after buying an additional 5,338 shares during the last quarter. SG Capital Management LLC boosted its position in McGrath RentCorp by 45.4% in the 1st quarter. SG Capital Management LLC now owns 230,366 shares of the financial services provider’s stock valued at $13,032,000 after buying an additional 71,960 shares during the last quarter. Coldstream Capital Management Inc. bought a new position in McGrath RentCorp in the 4th quarter valued at $777,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in McGrath RentCorp in the 4th quarter valued at $227,000. Finally, Millennium Management LLC boosted its position in McGrath RentCorp by 31.4% in the 4th quarter. Millennium Management LLC now owns 169,287 shares of the financial services provider’s stock valued at $8,715,000 after buying an additional 40,495 shares during the last quarter. Hedge funds and other institutional investors own 83.97% of the company’s stock.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.13. The business had revenue of $122.00 million for the quarter, compared to analyst estimates of $113.87 million. McGrath RentCorp had a return on equity of 14.86% and a net margin of 16.18%. McGrath RentCorp’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.59 EPS. On average, research analysts anticipate that McGrath RentCorp will post 3.4 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 17th will be given a $0.375 dividend. The ex-dividend date of this dividend is Tuesday, July 16th. This represents a $1.50 dividend on an annualized basis and a yield of 2.46%. McGrath RentCorp’s payout ratio is 47.92%.
MGRC has been the topic of a number of research analyst reports. BidaskClub upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Tuesday, April 30th. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Saturday, May 4th.
McGrath RentCorp Company Profile
McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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