McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna Sells 9,470 Shares

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 9,470 shares of the company’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $112.49, for a total transaction of $1,065,280.30. Following the sale, the director directly owned 159,579 shares of the company’s stock, valued at approximately $17,951,041.71. This represents a 5.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

McGrath RentCorp Trading Up 1.4%

NASDAQ:MGRC opened at $113.06 on Wednesday. The firm has a market capitalization of $2.78 billion, a PE ratio of 17.95, a PEG ratio of 1.13 and a beta of 0.45. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $128.41. The firm’s fifty day simple moving average is $110.81 and its 200 day simple moving average is $109.83.

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

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Thursday, April 16th were issued a dividend of $0.495 per share. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.49. The ex-dividend date was Thursday, April 16th. McGrath RentCorp’s dividend payout ratio is presently 31.43%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its holdings in McGrath RentCorp by 690,151.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 296,808 shares of the financial services provider’s stock valued at $31,144,000 after buying an additional 296,765 shares during the period. Channing Capital Management LLC boosted its position in shares of McGrath RentCorp by 39.1% during the 4th quarter. Channing Capital Management LLC now owns 836,894 shares of the financial services provider’s stock valued at $87,815,000 after acquiring an additional 235,311 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in shares of McGrath RentCorp by 752.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 237,506 shares of the financial services provider’s stock valued at $24,922,000 after acquiring an additional 209,646 shares in the last quarter. Raymond James Financial Inc. increased its stake in McGrath RentCorp by 102.8% in the third quarter. Raymond James Financial Inc. now owns 303,205 shares of the financial services provider’s stock valued at $35,566,000 after acquiring an additional 153,701 shares during the period. Finally, Tredje AP fonden bought a new stake in McGrath RentCorp in the fourth quarter valued at about $12,246,000. 92.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGRC. Zacks Research raised shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 15th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of McGrath RentCorp in a research report on Friday, April 24th. Finally, Barclays started coverage on McGrath RentCorp in a research report on Wednesday, February 11th. They set an “overweight” rating and a $140.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $141.50.

About McGrath RentCorp

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.