McGrath RentCorp (MGRC) to Issue Quarterly Dividend of $0.26 on October 31st
McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Thursday, September 22nd. Shareholders of record on Monday, October 17th will be paid a dividend of 0.255 per share on Monday, October 31st. This represents a $1.02 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date is Thursday, October 13th.
McGrath RentCorp (NASDAQ:MGRC) opened at 31.73 on Friday. McGrath RentCorp has a 52 week low of $21.46 and a 52 week high of $33.35. The firm has a 50-day moving average price of $31.81 and a 200-day moving average price of $29.16. The firm has a market capitalization of $758.57 million, a P/E ratio of 18.89 and a beta of 1.05.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.04. The firm earned $103.10 million during the quarter, compared to analysts’ expectations of $98.58 million. McGrath RentCorp had a net margin of 11.96% and a return on equity of 12.96%. McGrath RentCorp’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 earnings per share. Equities analysts forecast that McGrath RentCorp will post $1.62 EPS for the current year.
A number of research firms have weighed in on MGRC. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Friday, August 5th. TheStreet raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, June 10th. Finally, Sidoti boosted their target price on shares of McGrath RentCorp from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 14th.
In other news, VP Trease Kristina Van sold 2,266 shares of the company’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $31.74, for a total transaction of $71,922.84. Following the completion of the transaction, the vice president now owns 16,236 shares of the company’s stock, valued at $515,330.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Dennis C. Kakures sold 16,248 shares of the company’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $32.63, for a total transaction of $530,172.24. Following the transaction, the chief executive officer now directly owns 314,224 shares of the company’s stock, valued at approximately $10,253,129.12. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. AQR Capital Management LLC bought a new position in shares of McGrath RentCorp during the second quarter worth approximately $479,000. Guggenheim Capital LLC bought a new position in shares of McGrath RentCorp during the second quarter worth approximately $451,000. Parametric Portfolio Associates LLC raised its position in shares of McGrath RentCorp by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 80,326 shares of the company’s stock worth $2,457,000 after buying an additional 450 shares in the last quarter. Citadel Advisors LLC bought a new position in shares of McGrath RentCorp during the second quarter worth approximately $923,000. Finally, Paradigm Asset Management Co. LLC raised its position in shares of McGrath RentCorp by 7.8% in the second quarter. Paradigm Asset Management Co. LLC now owns 13,900 shares of the company’s stock worth $425,000 after buying an additional 1,000 shares in the last quarter. 81.61% of the stock is owned by institutional investors and hedge funds.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company with four rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The Company operates in 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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