McGrath RentCorp (NASDAQ:MGRC) Short Interest Down 12.4% in January

McGrath RentCorp (NASDAQ:MGRC) was the target of a large decrease in short interest in the month of January. As of January 15th, there was short interest totalling 520,000 shares, a decrease of 12.4% from the December 31st total of 593,800 shares. Based on an average trading volume of 182,000 shares, the short-interest ratio is currently 2.9 days.

McGrath RentCorp Stock Down 1.3 %

NASDAQ:MGRC opened at $122.67 on Monday. The stock’s 50-day simple moving average is $117.44 and its 200 day simple moving average is $111.84. The firm has a market capitalization of $3.01 billion, a PE ratio of 13.41, a price-to-earnings-growth ratio of 1.47 and a beta of 0.77. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were given a $0.475 dividend. The ex-dividend date of this dividend was Friday, January 17th. This represents a $1.90 annualized dividend and a yield of 1.55%. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

Insider Activity at McGrath RentCorp

In other news, CEO Joseph F. Hanna sold 15,840 shares of the stock in a transaction on 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 sale, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. This represents a 9.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Gilda Malek sold 919 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On McGrath RentCorp

Several large investors have recently bought and sold shares of the company. New York State Common Retirement Fund raised its position in McGrath RentCorp by 12.0% in the fourth quarter. New York State Common Retirement Fund now owns 8,408 shares of the financial services provider’s stock valued at $940,000 after purchasing an additional 900 shares during the last quarter. Rhumbline Advisers raised its position in McGrath RentCorp by 0.8% in the fourth quarter. Rhumbline Advisers now owns 44,581 shares of the financial services provider’s stock valued at $4,985,000 after purchasing an additional 366 shares during the last quarter. Asset Management One Co. Ltd. bought a new position in McGrath RentCorp in the fourth quarter valued at about $3,833,000. Allspring Global Investments Holdings LLC raised its position in McGrath RentCorp by 1,487.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Yorktown Management & Research Co Inc bought a new position in McGrath RentCorp in the fourth quarter valued at about $319,000. 92.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MGRC has been the topic of several analyst reports. Oppenheimer increased their target price on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. CJS Securities started coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price objective on the stock. Finally, StockNews.com raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, January 17th.

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.