McGrath RentCorp (NASDAQ:MGRC) CEO Joseph F. Hanna Sells 15,840 Shares

McGrath RentCorp (NASDAQ:MGRC) CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total value of $1,898,899.20. Following the completion of the sale, the chief executive officer now owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

McGrath RentCorp Stock Down 1.3 %

NASDAQ MGRC opened at $120.97 on Friday. The business has a 50 day moving average price of $107.64 and a 200-day moving average price of $107.58. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86. The company has a market cap of $2.97 billion, a price-to-earnings ratio of 13.22, a P/E/G ratio of 1.62 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The business had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same quarter in the prior year, the company posted $1.65 earnings per share. McGrath RentCorp’s revenue was up 9.5% compared to the same quarter last year. On average, equities research analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were given a $0.475 dividend. The ex-dividend date of this dividend was Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.57%. McGrath RentCorp’s dividend payout ratio is currently 20.77%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. KBC Group NV boosted its position in McGrath RentCorp by 32.5% in the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after purchasing an additional 188 shares during the last quarter. Covestor Ltd boosted its position in McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 161 shares during the last quarter. SG Americas Securities LLC purchased a new position in McGrath RentCorp in the first quarter worth $171,000. TFG Advisers LLC purchased a new position in McGrath RentCorp in the first quarter worth $203,000. Finally, Meeder Asset Management Inc. purchased a new position in McGrath RentCorp in the first quarter worth $213,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MGRC shares. Oppenheimer boosted their price objective on McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday, October 25th. StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

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.