McGrath RentCorp (NASDAQ:MGRC) VP John P. Skenesky sold 7,561 shares of McGrath RentCorp stock in a transaction on Friday, August 11th. The stock was sold at an average price of $38.47, for a total value of $290,871.67. Following the transaction, the vice president now directly owns 6,387 shares of the company’s stock, valued at approximately $245,707.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
McGrath RentCorp (NASDAQ MGRC) opened at 39.12 on Thursday. The company has a 50-day moving average of $36.05 and a 200 day moving average of $35.16. McGrath RentCorp has a 52 week low of $29.26 and a 52 week high of $41.61. The firm has a market cap of $938.61 million, a P/E ratio of 22.37 and a beta of 0.97.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. The business had revenue of $109.58 million during the quarter, compared to analyst estimates of $105.36 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. McGrath RentCorp’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the company posted $0.38 EPS. On average, equities analysts predict that McGrath RentCorp will post $1.88 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Monday, July 17th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.66%. The ex-dividend date was Thursday, July 13th. McGrath RentCorp’s dividend payout ratio is currently 59.43%.
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Several research analysts have recently issued reports on the company. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Friday, June 9th. BidaskClub raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Monday, July 24th.
A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of McGrath RentCorp during the fourth quarter valued at about $16,302,000. Vanguard Group Inc. increased its stake in shares of McGrath RentCorp by 17.0% in the first quarter. Vanguard Group Inc. now owns 2,093,570 shares of the financial services provider’s stock valued at $70,282,000 after buying an additional 304,573 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of McGrath RentCorp by 36.5% in the first quarter. Renaissance Technologies LLC now owns 571,595 shares of the financial services provider’s stock valued at $19,188,000 after buying an additional 152,800 shares in the last quarter. Chartwell Investment Partners LLC acquired a new stake in shares of McGrath RentCorp during the second quarter valued at about $3,858,000. Finally, HCSF Management LLC increased its stake in shares of McGrath RentCorp by 36.9% in the second quarter. HCSF Management LLC now owns 387,830 shares of the financial services provider’s stock valued at $13,431,000 after buying an additional 104,610 shares in the last quarter. 82.61% of the stock is owned by hedge funds and other institutional investors.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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