McGrath RentCorp (NASDAQ:MGRC) Sees Large Volume Increase After Dividend Announcement

McGrath RentCorp (NASDAQ:MGRCGet Free Report) saw an uptick in trading volume on Thursday following a dividend announcement from the company. 1,215,776 shares were traded during trading, an increase of 218% from the previous session’s volume of 382,522 shares.The stock last traded at $124.74 and had previously closed at $126.77.

The newly announced dividend which will be paid on Tuesday, April 30th. Stockholders of record on Tuesday, April 16th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.52%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, April 15th. McGrath RentCorp’s payout ratio is currently 26.12%.

Analyst Ratings Changes

Separately, StockNews.com started coverage on McGrath RentCorp in a report on Saturday. They issued a “hold” rating for the company.

Get Our Latest Analysis on MGRC

McGrath RentCorp Price Performance

The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 1.77 and a beta of 0.83. The business has a fifty day moving average price of $119.68 and a 200 day moving average price of $107.44.

McGrath RentCorp (NASDAQ:MGRCGet Free Report) last released its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.07). The firm had revenue of $221.59 million for the quarter, compared to the consensus estimate of $214.43 million. McGrath RentCorp had a net margin of 20.99% and a return on equity of 13.63%. As a group, sell-side analysts predict that McGrath RentCorp will post 5.42 earnings per share for the current fiscal year.

Institutional Trading of McGrath RentCorp

A number of institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its position in McGrath RentCorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after acquiring an additional 11,280 shares during the period. BlackRock Inc. grew its position in McGrath RentCorp by 2.5% in the second quarter. BlackRock Inc. now owns 2,190,395 shares of the financial services provider’s stock valued at $202,568,000 after acquiring an additional 52,813 shares during the period. Franklin Resources Inc. grew its position in McGrath RentCorp by 27.5% in the second quarter. Franklin Resources Inc. now owns 1,838,097 shares of the financial services provider’s stock valued at $169,987,000 after acquiring an additional 396,676 shares during the period. Dimensional Fund Advisors LP grew its position in McGrath RentCorp by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,283,314 shares of the financial services provider’s stock valued at $118,681,000 after acquiring an additional 5,607 shares during the period. Finally, Silvercrest Asset Management Group LLC grew its position in McGrath RentCorp by 1.0% in the second quarter. Silvercrest Asset Management Group LLC now owns 652,117 shares of the financial services provider’s stock valued at $60,308,000 after acquiring an additional 6,426 shares during the period. 82.47% of the stock is currently owned by institutional investors.

McGrath RentCorp Company Profile

(Get Free Report)

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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates through Mobile Modular, TRS-RenTelco, and Enviroplex segments.

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