McGrath RentCorp (MGRC) VP Sells $252,350.00 in Stock
McGrath RentCorp (NASDAQ:MGRC) VP Philip B. Hawkins sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $36.05, for a total value of $252,350.00. Following the completion of the sale, the vice president now directly owns 2,385 shares of the company’s stock, valued at $85,979.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 36.72 on Tuesday. The stock has a 50 day moving average price of $31.81 and a 200 day moving average price of $30.60. The stock has a market capitalization of $877.87 million, a P/E ratio of 21.86 and a beta of 1.02. McGrath RentCorp has a one year low of $21.46 and a one year high of $37.25.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $0.54 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. McGrath RentCorp had a return on equity of 10.44% and a net margin of 9.44%. The firm earned $122 million during the quarter, compared to analyst estimates of $114.10 million. During the same quarter in the previous year, the business earned $0.54 EPS. McGrath RentCorp’s revenue for the quarter was up 7.9% compared to the same quarter last year. Equities analysts forecast that McGrath RentCorp will post $1.65 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 31st. Investors of record on Monday, October 17th were paid a $0.255 dividend. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $1.02 annualized dividend and a dividend yield of 2.78%. McGrath RentCorp’s dividend payout ratio is presently 61.08%.
Institutional investors have recently made changes to their positions in the stock. Highbridge Capital Management LLC acquired a new position in shares of McGrath RentCorp during the third quarter valued at $211,000. The Manufacturers Life Insurance Company purchased a new stake in McGrath RentCorp during the third quarter valued at approximately $507,000. Two Sigma Advisers LP raised its stake in McGrath RentCorp by 3.4% in the third quarter. Two Sigma Advisers LP now owns 70,562 shares of the company’s stock valued at $2,238,000 after buying an additional 2,300 shares during the period. Citadel Advisors LLC raised its stake in McGrath RentCorp by 16.1% in the third quarter. Citadel Advisors LLC now owns 35,050 shares of the company’s stock valued at $1,111,000 after buying an additional 4,868 shares during the period. Finally, ProShare Advisors LLC raised its stake in McGrath RentCorp by 45.3% in the third quarter. ProShare Advisors LLC now owns 92,545 shares of the company’s stock valued at $2,935,000 after buying an additional 28,858 shares during the period. Hedge funds and other institutional investors own 81.02% of the company’s stock.
Several research firms have recently issued reports on MGRC. Zacks Investment Research lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Wednesday, September 21st. Sidoti raised their price objective on McGrath RentCorp from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Wednesday, September 14th.
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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