Insider Selling: McGrath RentCorp (NASDAQ:MGRC) VP Sells 919 Shares of Stock

McGrath RentCorp (NASDAQ:MGRC) VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

McGrath RentCorp Stock Down 1.0 %

Shares of MGRC opened at $118.64 on Friday. The business’s fifty day moving average is $115.69 and its 200 day moving average is $109.45. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The stock has a market cap of $2.91 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.68 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. The firm had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the firm earned $1.65 earnings per share. On average, analysts expect that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be paid a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Friday, January 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. KBC Group NV raised its position in McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after buying an additional 188 shares during the last quarter. Covestor Ltd lifted its position in shares of McGrath RentCorp by 15.8% during the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 161 shares in the last quarter. Millburn Ridgefield Corp bought a new stake in McGrath RentCorp in the 3rd quarter worth about $203,000. Wealth Enhancement Advisory Services LLC increased its stake in McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock valued at $213,000 after buying an additional 104 shares during the last quarter. Finally, Point72 DIFC Ltd bought a new position in shares of McGrath RentCorp during the 3rd quarter worth approximately $238,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MGRC shares. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer upped their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a report on Friday, November 22nd. Finally, CJS Securities initiated coverage on McGrath RentCorp in a research note on Wednesday. They issued an “outperform” rating and a $152.00 target price for the company.

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.