Joseph F. Hanna Sells 15,840 Shares of McGrath RentCorp (NASDAQ:MGRC) Stock

McGrath RentCorp (NASDAQ:MGRC) CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the sale, the chief executive officer now directly owns 155,409 shares in the company, valued at approximately $18,630,430.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

McGrath RentCorp Stock Down 0.7 %

MGRC stock opened at $120.07 on Friday. The company has a market capitalization of $2.95 billion, a P/E ratio of 13.12, a PEG ratio of 1.71 and a beta of 0.74. The company has a 50-day simple moving average of $107.88 and a 200 day simple moving average of $107.67. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. During the same period in the prior year, the business posted $1.65 EPS. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. Equities analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Institutional Trading of McGrath RentCorp

Institutional investors have recently modified their holdings of the company. KBC Group NV grew its holdings in McGrath RentCorp by 32.5% during the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 188 shares during the period. Covestor Ltd boosted its holdings in McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after buying an additional 161 shares in the last quarter. SG Americas Securities LLC bought a new stake in McGrath RentCorp during the first quarter worth approximately $171,000. TFG Advisers LLC acquired a new position in McGrath RentCorp in the first quarter worth approximately $203,000. Finally, Meeder Asset Management Inc. acquired a new stake in shares of McGrath RentCorp during the first quarter worth $213,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Oppenheimer lifted their price target on McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 25th. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note 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.