McGrath RentCorp (MGRC) Downgraded to “Hold” at BidaskClub
BidaskClub lowered shares of McGrath RentCorp (NASDAQ:MGRC) from a buy rating to a hold rating in a research note published on Thursday.
Other equities analysts have also recently issued reports about the company. ValuEngine cut McGrath RentCorp from a buy rating to a hold rating in a research report on Friday, December 1st. Zacks Investment Research cut McGrath RentCorp from a strong-buy rating to a hold rating in a research report on Wednesday, January 3rd. Finally, Oppenheimer restated a hold rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st.
McGrath RentCorp (MGRC) traded up $0.71 during trading hours on Thursday, hitting $49.66. The company had a trading volume of 78,100 shares, compared to its average volume of 97,689. McGrath RentCorp has a 12 month low of $32.09 and a 12 month high of $50.09. The company has a market cap of $1,193.44, a price-to-earnings ratio of 26.14, a price-to-earnings-growth ratio of 2.23 and a beta of 1.02.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Wednesday, January 17th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Tuesday, January 16th. McGrath RentCorp’s payout ratio is 54.74%.
In related news, CFO Keith E. Pratt sold 1,412 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $46.01, for a total transaction of $64,966.12. Following the completion of the transaction, the chief financial officer now directly owns 28,118 shares in the company, valued at $1,293,709.18. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Dennis P. Stradford sold 3,900 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $49.41, for a total value of $192,699.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $247,050. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,159 shares of company stock valued at $628,935. 4.60% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in shares of McGrath RentCorp by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,781,300 shares of the financial services provider’s stock worth $77,932,000 after purchasing an additional 35,195 shares in the last quarter. State Street Corp boosted its holdings in shares of McGrath RentCorp by 4.7% in the 2nd quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock worth $18,737,000 after purchasing an additional 24,511 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of McGrath RentCorp by 8.9% in the 2nd quarter. Northern Trust Corp now owns 511,116 shares of the financial services provider’s stock worth $17,701,000 after purchasing an additional 41,984 shares in the last quarter. Walthausen & Co. LLC boosted its holdings in shares of McGrath RentCorp by 4.7% in the 3rd quarter. Walthausen & Co. LLC now owns 492,175 shares of the financial services provider’s stock worth $21,533,000 after purchasing an additional 21,930 shares in the last quarter. Finally, HCSF Management LLC boosted its holdings in shares of McGrath RentCorp by 36.9% in the 2nd quarter. HCSF Management LLC now owns 387,830 shares of the financial services provider’s stock worth $13,431,000 after purchasing an additional 104,610 shares in the last quarter. Institutional investors and hedge funds own 82.61% of the company’s stock.
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McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through 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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