McGrath RentCorp (NASDAQ:MGRC) CAO David Whitney Sells 3,783 Shares of Stock

McGrath RentCorp (NASDAQ:MGRC) CAO David Whitney sold 3,783 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $113.65, for a total transaction of $429,937.95. Following the completion of the sale, the chief accounting officer owned 6,533 shares in the company, valued at approximately $742,475.45. This trade represents a 36.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

McGrath RentCorp Stock Up 0.2%

McGrath RentCorp stock opened at $115.09 on Friday. The company’s 50-day moving average price is $112.35 and its 200-day moving average price is $110.45. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The company has a market cap of $2.83 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 1.17 and a beta of 0.44.

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 analysts’ consensus estimates of $1.13 by ($0.03). McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%.The business had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. As a group, sell-side analysts expect that McGrath RentCorp will post 6.35 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Friday, July 17th will be issued a $0.495 dividend. The ex-dividend date is Friday, July 17th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. McGrath RentCorp’s payout ratio is 31.43%.

Hedge Funds Weigh In On McGrath RentCorp

A number of large investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in shares of McGrath RentCorp by 26.7% during the 1st quarter. Bank of America Corp DE now owns 123,549 shares of the financial services provider’s stock worth $13,625,000 after purchasing an additional 26,022 shares during the period. Amundi boosted its stake in shares of McGrath RentCorp by 113.3% during the 1st quarter. Amundi now owns 7,565 shares of the financial services provider’s stock worth $834,000 after purchasing an additional 4,018 shares during the period. Quantinno Capital Management LP boosted its stake in shares of McGrath RentCorp by 622.7% during the 1st quarter. Quantinno Capital Management LP now owns 14,728 shares of the financial services provider’s stock worth $1,624,000 after purchasing an additional 12,690 shares during the period. Lazard Asset Management LLC purchased a new position in shares of McGrath RentCorp during the 1st quarter worth about $3,877,000. Finally, Anchor Capital Management Company LLC boosted its stake in shares of McGrath RentCorp by 27.9% during the 1st quarter. Anchor Capital Management Company LLC now owns 185,211 shares of the financial services provider’s stock worth $20,425,000 after purchasing an additional 40,352 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.