McGrath RentCorp (NASDAQ:MGRC) CEO Sells $1,898,899.20 in Stock

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 shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the transaction, the chief executive officer now owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

McGrath RentCorp Price Performance

MGRC stock traded down $1.58 during midday trading on Thursday, reaching $120.97. The company had a trading volume of 284,460 shares, compared to its average volume of 246,550. The firm has a 50-day moving average price of $107.64 and a 200-day moving average price of $107.58. The company has a market capitalization of $2.97 billion, a P/E ratio of 13.22, a P/E/G ratio of 1.62 and a beta of 0.74. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued 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. The firm had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The company’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.65 earnings per share. On average, equities analysts predict that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

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

Wall Street Analyst Weigh In

MGRC has been the subject of a number of recent analyst reports. Oppenheimer lifted their target price 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 shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd.

Institutional Trading of McGrath RentCorp

Several hedge funds have recently added to or reduced their stakes in the business. KBC Group NV increased its holdings in shares of 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 buying an additional 188 shares during the period. Covestor Ltd grew its position in McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after acquiring an additional 161 shares during the last quarter. SG Americas Securities LLC bought a new position in McGrath RentCorp during the 1st quarter worth approximately $171,000. TFG Advisers LLC purchased a new position in McGrath RentCorp in the 1st quarter worth approximately $203,000. Finally, Meeder Asset Management Inc. bought a new stake in McGrath RentCorp in the first quarter valued at approximately $213,000. 92.05% of the stock is owned by institutional investors.

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.