McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna Sells 4,748 Shares of Stock

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 4,748 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $130.73, for a total value of $620,706.04. Following the completion of the transaction, the director owned 139,301 shares of the company’s stock, valued at $18,210,819.73. The trade was a 3.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC traded down $0.06 during mid-day trading on Wednesday, hitting $132.86. 582,745 shares of the stock traded hands, compared to its average volume of 448,525. The company has a market cap of $3.24 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 1.35 and a beta of 0.48. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $134.61. The firm has a 50 day simple moving average of $114.69 and a two-hundred day simple moving average of $114.30.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Wednesday, October 28th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.11. The business had revenue of $274.61 million during the quarter, compared to analysts’ expectations of $273.25 million. McGrath RentCorp had a return on equity of 12.75% and a net margin of 16.75%. On average, equities research analysts anticipate that McGrath RentCorp will post 6.38 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Friday, October 16th were issued a dividend of $0.4950 per share. This represents a $1.98 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Friday, October 16th. McGrath RentCorp’s payout ratio is 30.51%.

Institutional Trading of McGrath RentCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ethic Inc. raised its holdings in McGrath RentCorp by 4.9% during the 3rd quarter. Ethic Inc. now owns 2,520 shares of the financial services provider’s stock worth $288,000 after purchasing an additional 117 shares during the last quarter. Navellier & Associates Inc. lifted its position in shares of McGrath RentCorp by 12.8% in the 2nd quarter. Navellier & Associates Inc. now owns 2,626 shares of the financial services provider’s stock worth $318,000 after purchasing an additional 297 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of McGrath RentCorp by 19.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,153 shares of the financial services provider’s stock valued at $246,000 after purchasing an additional 354 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of McGrath RentCorp in the 2nd quarter valued at $45,000. Finally, Wedge Capital Management L L P NC boosted its stake in shares of McGrath RentCorp by 0.8% in the 2nd quarter. Wedge Capital Management L L P NC now owns 47,481 shares of the financial services provider’s stock valued at $5,747,000 after purchasing an additional 390 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a report on Monday, October 26th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $140.00.

McGrath RentCorp Company Profile

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test equipment and related products. Its modular building offerings served customers needing temporary or permanent space, including classrooms, offices, healthcare facilities and other commercial or institutional applications.

Through brands such as Mobile Modular, the company rented relocatable buildings and portable storage units, while its TRS-RenTelco business provided electronic test and measurement equipment to telecommunications, electronics, aerospace, defense and other industrial customers.