McGrath RentCorp (MGRC) VP Sells $129,487.40 in Stock
McGrath RentCorp (NASDAQ:MGRC) VP David M. Whitney sold 3,577 shares of the business’s stock in a transaction on Friday, November 11th. The shares were sold at an average price of $36.20, for a total transaction of $129,487.40. Following the completion of the transaction, the vice president now directly owns 11,784 shares of the company’s stock, valued at approximately $426,580.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
McGrath RentCorp (NASDAQ:MGRC) opened at 36.01 on Thursday. The company has a 50-day moving average of $32.08 and a 200-day moving average of $30.73. The firm has a market capitalization of $860.89 million, a price-to-earnings ratio of 21.43 and a beta of 1.02. McGrath RentCorp has a 52 week low of $21.46 and a 52 week high of $37.25.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Tuesday, November 1st. The company reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The business earned $122 million during the quarter, compared to the consensus estimate of $114.10 million. McGrath RentCorp had a net margin of 9.44% and a return on equity of 10.44%. The firm’s revenue was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.54 EPS. On average, equities analysts forecast that McGrath RentCorp will post $1.65 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 31st. Investors of record on Monday, October 17th were paid a $0.255 dividend. This represents a $1.02 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend was Thursday, October 13th. McGrath RentCorp’s payout ratio is 61.08%.
Several equities analysts have recently issued reports on MGRC shares. Sidoti boosted their price target on shares of McGrath RentCorp from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 14th. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a report on Friday, August 5th.
Institutional investors have recently modified their holdings of the stock. Credit Suisse AG increased its position in shares of McGrath RentCorp by 66.0% in the third quarter. Credit Suisse AG now owns 42,410 shares of the company’s stock valued at $1,345,000 after buying an additional 16,864 shares during the last quarter. Highbridge Capital Management LLC acquired a new position in McGrath RentCorp during the third quarter valued at about $211,000. The Manufacturers Life Insurance Company acquired a new position in McGrath RentCorp during the third quarter valued at about $507,000. Two Sigma Advisers LP increased its position 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 last quarter. Finally, Citadel Advisors LLC increased its position 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 last quarter. 81.02% 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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