McGrath RentCorp (NASDAQ:MGRC) CFO Keith E. Pratt sold 2,284 shares of the company’s stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $47.00, for a total value of $107,348.00. Following the transaction, the chief financial officer now owns 28,118 shares in the company, valued at $1,321,546. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of McGrath RentCorp (MGRC) opened at $46.24 on Wednesday. McGrath RentCorp has a 12-month low of $32.09 and a 12-month high of $49.66. The firm has a market capitalization of $1,113.89, a price-to-earnings ratio of 24.40, a PEG ratio of 2.27 and a beta of 0.99.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.12. McGrath RentCorp had a return on equity of 11.44% and a net margin of 10.32%. The business had revenue of $135.39 million for the quarter, compared to analyst estimates of $124.90 million. During the same quarter in the prior year, the company earned $0.54 earnings per share. The company’s revenue was up 11.0% on a year-over-year basis. analysts predict that McGrath RentCorp will post 2.04 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Stockholders of record on Tuesday, October 17th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date was Monday, October 16th. McGrath RentCorp’s dividend payout ratio is currently 54.74%.
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A number of analysts have recently weighed in on MGRC shares. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective on the stock in a research report on Friday, November 3rd. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st. Finally, BidaskClub raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th.
Institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. increased its position in shares of McGrath RentCorp by 3.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 162,836 shares of the financial services provider’s stock worth $5,640,000 after acquiring an additional 4,754 shares during the period. AQR Capital Management LLC increased its holdings in McGrath RentCorp by 16.4% in the first quarter. AQR Capital Management LLC now owns 99,768 shares of the financial services provider’s stock valued at $3,349,000 after buying an additional 14,031 shares during the last quarter. Bank of America Corp DE increased its holdings in McGrath RentCorp by 9.7% in the first quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock valued at $316,000 after buying an additional 830 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in McGrath RentCorp by 1.3% in the first quarter. JPMorgan Chase & Co. now owns 40,743 shares of the financial services provider’s stock valued at $1,368,000 after buying an additional 509 shares during the last quarter. Finally, Comerica Bank increased its holdings in McGrath RentCorp by 5.5% in the second quarter. Comerica Bank now owns 73,046 shares of the financial services provider’s stock valued at $2,521,000 after buying an additional 3,803 shares during the last quarter. 81.97% of the stock is currently owned by institutional investors and hedge funds.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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