Insider Selling: McGrath RentCorp (NASDAQ:MGRC) CAO Sells 2,221 Shares of Stock

McGrath RentCorp (NASDAQ:MGRC) CAO David M. Whitney sold 2,221 shares of the company’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $114.21, for a total transaction of $253,660.41. Following the completion of the sale, the chief accounting officer now directly owns 6,694 shares in the company, valued at approximately $764,521.74. This represents a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

McGrath RentCorp Stock Up 0.5%

MGRC stock opened at $114.24 on Monday. The firm has a market capitalization of $2.81 billion, a PE ratio of 12.11, a P/E/G ratio of 1.35 and a beta of 0.66. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93. The stock’s 50 day moving average is $109.43 and its 200-day moving average is $114.92.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. During the same period in the prior year, the firm posted $0.93 EPS. The firm’s quarterly revenue was up 4.0% compared to the same quarter last year. On average, equities research analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 17th will be issued a $0.485 dividend. The ex-dividend date is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.70%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.10%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, April 25th.

Institutional Investors Weigh In On McGrath RentCorp

Large investors have recently added to or reduced their stakes in the company. Atala Financial Inc purchased a new stake in shares of McGrath RentCorp during the 4th quarter valued at approximately $31,000. New Age Alpha Advisors LLC bought a new stake in McGrath RentCorp during the 4th quarter valued at $33,000. Strs Ohio purchased a new stake in shares of McGrath RentCorp during the first quarter worth $56,000. Canada Pension Plan Investment Board bought a new position in shares of McGrath RentCorp in the fourth quarter worth $89,000. Finally, KBC Group NV grew its position in shares of McGrath RentCorp by 37.3% in the fourth quarter. KBC Group NV now owns 1,053 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 286 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

About McGrath RentCorp

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.