McGrath RentCorp (NASDAQ:MGRC) saw a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 503,000 shares, an increase of 12.4% from the July 31st total of 447,600 shares. Based on an average trading volume of 104,700 shares, the short-interest ratio is presently 4.8 days. Currently, 2.1% of the shares of the company are short sold.
In other McGrath RentCorp news, CFO Keith E. Pratt sold 2,513 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $69.31, for a total transaction of $174,176.03. Following the sale, the chief financial officer now owns 24,050 shares in the company, valued at approximately $1,666,905.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Philip B. Hawkins sold 3,310 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $65.54, for a total transaction of $216,937.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,265 shares of company stock worth $1,355,446. 1.80% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Meeder Asset Management Inc. bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $44,000. Krane Funds Advisors LLC bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $61,000. Denali Advisors LLC bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $106,000. Bank of Montreal Can raised its position in shares of McGrath RentCorp by 1,015.0% during the second quarter. Bank of Montreal Can now owns 2,230 shares of the financial services provider’s stock valued at $138,000 after buying an additional 2,030 shares during the last quarter. Finally, Aperio Group LLC bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $149,000. Hedge funds and other institutional investors own 85.55% of the company’s stock.
Shares of McGrath RentCorp stock traded up $0.82 on Friday, hitting $69.32. 68,000 shares of the company traded hands, compared to its average volume of 100,753. The stock has a market capitalization of $1.58 billion, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 1.85 and a beta of 0.80. McGrath RentCorp has a 52 week low of $45.85 and a 52 week high of $70.88. The business has a 50-day simple moving average of $65.33 and a 200 day simple moving average of $61.22.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.06. The firm had revenue of $127.40 million for the quarter, compared to analysts’ expectations of $123.45 million. McGrath RentCorp had a net margin of 16.54% and a return on equity of 15.13%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. As a group, research analysts anticipate that McGrath RentCorp will post 3.51 earnings per share for the current year.
A number of equities research analysts have commented on the stock. BidaskClub cut shares of McGrath RentCorp from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 24th. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a research note on Friday, August 2nd. Finally, Sidoti raised their target price on shares of McGrath RentCorp from $83.00 to $86.00 and gave the stock a “buy” rating in a research note on Thursday.
McGrath RentCorp Company Profile
McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
Further Reading: Hold Rating
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