Short Interest in McGrath RentCorp (NASDAQ:MGRC) Drops By 17.8%

McGrath RentCorp (NASDAQ:MGRC) saw a large decrease in short interest during the month of February. As of February 15th, there was short interest totalling 437,000 shares, a decrease of 17.8% from the January 31st total of 531,500 shares. Based on an average daily volume of 138,700 shares, the days-to-cover ratio is currently 3.2 days.

Analyst Ratings Changes

MGRC has been the topic of several research analyst reports. Oppenheimer upped their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, February 28th. Finally, CJS Securities assumed coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They set an “outperform” rating and a $152.00 target price for the company.

McGrath RentCorp Stock Down 1.1 %

Shares of McGrath RentCorp stock traded down $1.24 during trading hours on Friday, reaching $113.63. 57,100 shares of the stock traded hands, compared to its average volume of 146,031. McGrath RentCorp has a one year low of $95.50 and a one year high of $129.93. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of 12.07, a P/E/G ratio of 1.35 and a beta of 0.75. The company has a 50 day moving average price of $119.18 and a 200 day moving average price of $114.29.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. Sell-side analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be issued a dividend of $0.485 per share. This represents a $1.94 annualized dividend and a yield of 1.71%. The ex-dividend date is Wednesday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is currently 20.57%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares of the company’s stock, valued at approximately $935,175. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gilda Malek sold 919 shares of the company’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $121.78, for a total value of $111,915.82. The disclosure for this sale can be found here. 1.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC lifted its holdings in McGrath RentCorp by 1,487.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider’s stock valued at $312,000 after purchasing an additional 2,648 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of McGrath RentCorp during the 3rd quarter valued at $816,000. Asset Management One Co. Ltd. purchased a new position in shares of McGrath RentCorp during the 4th quarter valued at $3,833,000. Sanctuary Advisors LLC bought a new position in McGrath RentCorp in the 3rd quarter worth $548,000. Finally, One Wealth Advisors LLC raised its stake in McGrath RentCorp by 40.1% during the 4th quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider’s stock valued at $1,885,000 after purchasing an additional 4,824 shares during the period. Institutional investors own 92.05% of the company’s stock.

About McGrath RentCorp

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.