Shares of McGrath RentCorp (NASDAQ:MGRC) reached a new 52-week high during trading on Thursday . The company traded as high as $53.82 and last traded at $53.73, with a volume of 129162 shares. The stock had previously closed at $52.82.
A number of research firms recently commented on MGRC. ValuEngine downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st. BidaskClub raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday, December 21st. Finally, Zacks Investment Research downgraded shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 3rd.
The stock has a market cap of $1,270.66, a price-to-earnings ratio of 8.31 and a beta of 0.90.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, February 27th. The financial services provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.13. The business had revenue of $122.23 million during the quarter, compared to analyst estimates of $109.77 million. McGrath RentCorp had a net margin of 33.31% and a return on equity of 11.85%. The company’s revenue was up 16.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.40 earnings per share.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Stockholders of record on Monday, April 16th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend is Friday, April 13th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.26. McGrath RentCorp’s payout ratio is currently 16.46%.
In related news, VP Trease Kristina Van sold 5,170 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $52.82, for a total transaction of $273,079.40. Following the completion of the transaction, the vice president now owns 14,131 shares of the company’s stock, valued at $746,399.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Philip B. Hawkins sold 5,990 shares of the company’s stock in a transaction that occurred on Monday, March 5th. The stock was sold at an average price of $49.54, for a total transaction of $296,744.60. Following the transaction, the vice president now directly owns 7,390 shares of the company’s stock, valued at approximately $366,100.60. The disclosure for this sale can be found here. In the last three months, insiders sold 21,390 shares of company stock valued at $1,089,232. Company insiders own 4.60% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. acquired a new position in McGrath RentCorp during the third quarter worth approximately $121,000. SG Americas Securities LLC acquired a new position in McGrath RentCorp during the third quarter worth approximately $142,000. Two Sigma Investments LP acquired a new position in McGrath RentCorp during the fourth quarter worth approximately $242,000. Cubist Systematic Strategies LLC acquired a new position in McGrath RentCorp during the third quarter worth approximately $233,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in McGrath RentCorp during the third quarter worth approximately $297,000. 84.07% of the stock is owned by hedge funds and other institutional investors.
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McGrath RentCorp Company Profile
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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