McGrath RentCorp (MGRC) Reaches New 12-Month High and Low at $65.03

McGrath RentCorp (NASDAQ:MGRC)’s share price reached a new 52-week high and low on Thursday . The company traded as low as $65.03 and last traded at $64.77, with a volume of 2978 shares trading hands. The stock had previously closed at $64.56.

A number of equities analysts recently weighed in on MGRC shares. BidaskClub upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. ValuEngine upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st.

The stock has a market cap of $1.54 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 2.34 and a beta of 0.82.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Tuesday, May 1st. The financial services provider reported $0.59 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.12. McGrath RentCorp had a return on equity of 11.81% and a net margin of 33.97%. The business had revenue of $105.09 million during the quarter, compared to analyst estimates of $99.92 million. During the same quarter last year, the company posted $0.33 EPS. McGrath RentCorp’s revenue for the quarter was up 10.8% on a year-over-year basis. sell-side analysts anticipate that McGrath RentCorp will post 2.73 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 30th. Investors of record on Monday, April 16th were given a $0.34 dividend. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, April 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.11%. McGrath RentCorp’s dividend payout ratio (DPR) is 63.55%.

In other McGrath RentCorp news, Director Ronald H. Zech sold 1,947 shares of the firm’s stock in a transaction dated Tuesday, March 6th. The stock was sold at an average price of $50.44, for a total transaction of $98,206.68. Following the completion of the sale, the director now directly owns 37,989 shares in the company, valued at approximately $1,916,165.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John P. Skenesky sold 4,671 shares of the firm’s stock in a transaction dated Tuesday, May 15th. The stock was sold at an average price of $63.77, for a total value of $297,869.67. Following the sale, the vice president now owns 5,687 shares of the company’s stock, valued at $362,659.99. The disclosure for this sale can be found here. Insiders have sold a total of 36,695 shares of company stock valued at $2,045,013 over the last 90 days. Corporate insiders own 4.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. boosted its position in McGrath RentCorp by 6.5% during the 4th quarter. Victory Capital Management Inc. now owns 17,582 shares of the financial services provider’s stock worth $826,000 after acquiring an additional 1,066 shares during the period. Algert Global LLC boosted its position in McGrath RentCorp by 1.8% during the 1st quarter. Algert Global LLC now owns 63,707 shares of the financial services provider’s stock worth $3,420,000 after acquiring an additional 1,101 shares during the period. US Bancorp DE boosted its position in McGrath RentCorp by 21.2% during the 4th quarter. US Bancorp DE now owns 9,426 shares of the financial services provider’s stock worth $443,000 after acquiring an additional 1,648 shares during the period. Schwab Charles Investment Management Inc. boosted its position in McGrath RentCorp by 1.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 183,472 shares of the financial services provider’s stock worth $9,851,000 after acquiring an additional 1,949 shares during the period. Finally, Teachers Advisors LLC boosted its position in McGrath RentCorp by 4.8% during the 4th quarter. Teachers Advisors LLC now owns 44,230 shares of the financial services provider’s stock worth $2,078,000 after acquiring an additional 2,043 shares during the period. Hedge funds and other institutional investors own 83.85% of the company’s stock.

About McGrath RentCorp

McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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