McGrath RentCorp (NASDAQ:MGRC) CAO Sells $429,937.95 in Stock

McGrath RentCorp (NASDAQ:MGRC) CAO David Whitney sold 3,783 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $113.65, for a total value of $429,937.95. Following the completion of the transaction, the chief accounting officer owned 6,533 shares in the company, valued at $742,475.45. The trade was a 36.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

McGrath RentCorp Price Performance

Shares of MGRC stock traded up $0.25 on Friday, reaching $115.09. 89,850 shares of the stock were exchanged, compared to its average volume of 179,311. McGrath RentCorp has a one year low of $94.99 and a one year high of $128.41. The stock has a market cap of $2.83 billion, a PE ratio of 18.27, a P/E/G ratio of 1.15 and a beta of 0.44. The stock has a 50 day moving average price of $112.29 and a 200 day moving average price of $110.42.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. The firm had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. On average, research analysts expect that McGrath RentCorp will post 6.35 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be paid a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, July 17th. McGrath RentCorp’s payout ratio is 31.43%.

Hedge Funds Weigh In On McGrath RentCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGRC. Northwestern Mutual Wealth Management Co. boosted its holdings in McGrath RentCorp by 690,151.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 296,808 shares of the financial services provider’s stock worth $31,144,000 after buying an additional 296,765 shares during the last quarter. Channing Capital Management LLC boosted its holdings in McGrath RentCorp by 39.1% during the fourth quarter. Channing Capital Management LLC now owns 836,894 shares of the financial services provider’s stock worth $87,815,000 after buying an additional 235,311 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in McGrath RentCorp by 752.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 237,506 shares of the financial services provider’s stock worth $24,922,000 after buying an additional 209,646 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in McGrath RentCorp by 102.8% during the third quarter. Raymond James Financial Inc. now owns 303,205 shares of the financial services provider’s stock worth $35,566,000 after buying an additional 153,701 shares during the last quarter. Finally, Tredje AP fonden bought a new position in McGrath RentCorp during the fourth quarter worth about $12,246,000. Institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings downgraded shares of McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, May 8th. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $141.50.

McGrath RentCorp Company Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.