McGrath RentCorp (NASDAQ:MGRC) Director Ronald H. Zech sold 2,053 shares of the company’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $50.48, for a total transaction of $103,635.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of McGrath RentCorp (NASDAQ:MGRC) traded down $0.01 during trading hours on Wednesday, hitting $52.82. 78,449 shares of the company’s stock were exchanged, compared to its average volume of 82,991. McGrath RentCorp has a 1 year low of $32.09 and a 1 year high of $53.61. The firm has a market cap of $1,267.06, a price-to-earnings ratio of 8.36 and a beta of 0.90.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, February 27th. The financial services provider reported $0.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.13. McGrath RentCorp had a net margin of 33.31% and a return on equity of 11.85%. The firm had revenue of $122.23 million for the quarter, compared to analyst estimates of $109.77 million. During the same quarter in the prior year, the business posted $0.40 EPS. The business’s revenue was up 16.1% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Monday, April 16th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Friday, April 13th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.26. McGrath RentCorp’s dividend payout ratio is presently 16.46%.
Several large investors have recently made changes to their positions in MGRC. Wells Fargo & Company MN grew its position in shares of McGrath RentCorp by 2.0% during the 2nd quarter. Wells Fargo & Company MN now owns 18,013 shares of the financial services provider’s stock worth $625,000 after purchasing an additional 357 shares in the last quarter. Voya Investment Management LLC lifted its holdings in shares of McGrath RentCorp by 7.5% during the 2nd quarter. Voya Investment Management LLC now owns 13,121 shares of the financial services provider’s stock worth $454,000 after acquiring an additional 912 shares during the period. State Street Corp lifted its holdings in shares of McGrath RentCorp by 4.7% during the 2nd quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock worth $18,737,000 after acquiring an additional 24,511 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of McGrath RentCorp by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 352 shares during the period. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of McGrath RentCorp by 0.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 11,166 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 56 shares during the period. Hedge funds and other institutional investors own 84.07% of the company’s stock.
A number of research analysts recently commented on MGRC shares. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, January 5th. ValuEngine upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Finally, Zacks Investment Research lowered shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 3rd.
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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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