Insider Selling: McGrath RentCorp (NASDAQ:MGRC) Director Sells $1,065,280.30 in Stock

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 9,470 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $112.49, for a total transaction of $1,065,280.30. Following the sale, the director owned 159,579 shares of the company’s stock, valued at $17,951,041.71. This represents a 5.60% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC opened at $114.33 on Friday. The company has a 50 day simple moving average of $110.81 and a 200-day simple moving average of $109.76. The company has a market capitalization of $2.81 billion, a P/E ratio of 18.15, a P/E/G ratio of 1.15 and a beta of 0.45. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $128.41.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.03). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. The company had revenue of $198.54 million during the quarter, compared to analyst estimates of $198.19 million. As a group, research analysts expect that McGrath RentCorp will post 6.35 EPS for the current year.

McGrath RentCorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Thursday, April 16th were issued a $0.495 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.49. The ex-dividend date was Thursday, April 16th. This represents a $1.98 annualized dividend and a yield of 1.7%. McGrath RentCorp’s payout ratio is 31.43%.

Hedge Funds Weigh In On McGrath RentCorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Aster Capital Management DIFC Ltd purchased a new position in McGrath RentCorp in the 3rd quarter valued at approximately $29,000. Cullen Frost Bankers Inc. purchased a new position in McGrath RentCorp in the 3rd quarter valued at approximately $30,000. EverSource Wealth Advisors LLC boosted its position in McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock valued at $31,000 after buying an additional 238 shares during the period. Danske Bank A S purchased a new position in McGrath RentCorp in the 3rd quarter valued at approximately $47,000. Finally, Strs Ohio purchased a new position in McGrath RentCorp in the 1st quarter valued at approximately $56,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analysts Set New Price Targets

MGRC has been the subject of several research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of McGrath RentCorp in a report on Friday, April 24th. Zacks Research upgraded shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a report on Thursday, January 15th. Finally, Barclays initiated coverage on shares of McGrath RentCorp in a report on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 target price for the company. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, McGrath RentCorp currently has an average rating of “Moderate Buy” and a consensus target price of $141.50.

About McGrath RentCorp

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.