Insider Selling: McGrath RentCorp (NASDAQ:MGRC) VP Sells 5,176 Shares of Stock

McGrath RentCorp (NASDAQ:MGRC) VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the sale, the vice president now directly owns 205 shares in the company, valued at $23,985. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded up $1.02 during trading on Wednesday, reaching $117.28. The stock had a trading volume of 296,143 shares, compared to its average volume of 243,171. The stock has a market capitalization of $2.88 billion, a PE ratio of 22.66, a P/E/G ratio of 1.82 and a beta of 0.75. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The business’s 50-day moving average price is $106.24 and its 200 day moving average price is $107.23.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.48. The firm had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.65 EPS. Analysts forecast that McGrath RentCorp will post 4.48 EPS for the current year.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.62%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s payout ratio is presently 37.04%.

Hedge Funds Weigh In On McGrath RentCorp

A number of institutional investors have recently modified their holdings of the stock. J.W. Cole Advisors Inc. acquired a new stake in shares of McGrath RentCorp in the 1st quarter valued at $210,000. Peterson Wealth Services increased its position in McGrath RentCorp by 25.4% in the first quarter. Peterson Wealth Services now owns 21,925 shares of the financial services provider’s stock worth $2,705,000 after purchasing an additional 4,442 shares during the period. BNP Paribas Financial Markets raised its holdings in McGrath RentCorp by 9.9% during the 1st quarter. BNP Paribas Financial Markets now owns 21,971 shares of the financial services provider’s stock worth $2,711,000 after purchasing an additional 1,976 shares during the last quarter. Fifth Lane Capital LP acquired a new position in McGrath RentCorp during the 1st quarter valued at about $1,626,000. Finally, GSA Capital Partners LLP boosted its stake in shares of McGrath RentCorp by 230.5% in the 1st quarter. GSA Capital Partners LLP now owns 5,529 shares of the financial services provider’s stock valued at $682,000 after purchasing an additional 3,856 shares during the last quarter. 92.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Oppenheimer boosted their price target on McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

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