McGrath RentCorp (NASDAQ:MGRC – Get Free Report) saw unusually-high trading volume on Tuesday. 281,884 shares were traded during mid-day trading, an increase of 56% from the average daily volume of 180,673 shares. The stock last traded at $132.2930 and had previously closed at $129.44.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a research note on Monday, October 26th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $140.00.
Get Our Latest Stock Analysis on McGrath RentCorp
McGrath RentCorp Stock Down 4.0%
The company’s fifty day moving average is $114.96 and its 200 day moving average is $114.39. The stock has a market cap of $3.11 billion, a PE ratio of 19.64, a price-to-earnings-growth ratio of 1.35 and a beta of 0.48.
McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last posted its earnings results on Wednesday, October 28th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.11. McGrath RentCorp had a return on equity of 12.75% and a net margin of 16.75%. The business had revenue of $274.61 million during the quarter, compared to analyst estimates of $273.25 million. Equities analysts expect that McGrath RentCorp will post 6.38 EPS for the current year.
McGrath RentCorp Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were issued a dividend of $0.4950 per share. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend was Friday, October 16th. McGrath RentCorp’s dividend payout ratio is 30.51%.
Insider Buying and Selling
In other news, VP John Skenesky sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $120.41, for a total transaction of $240,820.00. Following the completion of the transaction, the vice president owned 10,634 shares in the company, valued at approximately $1,280,439.94. This represents a 15.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Philip B. Hawkins sold 4,435 shares of McGrath RentCorp stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $120.91, for a total transaction of $536,235.85. Following the completion of the sale, the chief executive officer owned 13,371 shares in the company, valued at approximately $1,616,687.61. This represents a 24.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 18,683 shares of company stock worth $2,260,562 in the last three months. 1.40% of the stock is owned by insiders.
Institutional Trading of McGrath RentCorp
Several hedge funds have recently added to or reduced their stakes in the business. Jefferies Financial Group Inc. lifted its holdings in shares of McGrath RentCorp by 902.7% in the third quarter. Jefferies Financial Group Inc. now owns 20,847 shares of the financial services provider’s stock valued at $2,384,000 after buying an additional 18,768 shares during the period. Keybank National Association OH raised its holdings in 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 valued at $615,000 after buying an additional 202 shares in the last quarter. Brighton Jones LLC acquired a new stake in shares of McGrath RentCorp in the third quarter worth $237,000. Ethic Inc. boosted its holdings in McGrath RentCorp by 4.9% during the third 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. Finally, Atala Financial Inc bought a new stake in McGrath RentCorp during the 3rd quarter valued at approximately $371,000. Institutional investors 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.
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