McGrath RentCorp (MGRC) Sees Large Volume Increase
Shares of McGrath RentCorp (NASDAQ:MGRC) saw an uptick in trading volume on Thursday . 100,183 shares traded hands during mid-day trading, a decline of 13% from the previous session’s volume of 114,849 shares.The stock last traded at $30.23 and had previously closed at $30.42.
Several research firms have commented on MGRC. Zacks Investment Research downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Wednesday. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, May 4th. Finally, TheStreet raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, June 10th.
The firm has a 50 day moving average price of $29.52 and a 200 day moving average price of $26.00. The stock has a market capitalization of $738.93 million and a price-to-earnings ratio of 19.17.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, May 3rd. The company reported $0.27 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.27. The firm earned $93.70 million during the quarter, compared to analyst estimates of $92.18 million. The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.26 earnings per share. On average, equities analysts anticipate that McGrath RentCorp will post $1.60 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Friday, July 15th will be given a $0.255 dividend. The ex-dividend date is Wednesday, July 13th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.30%.
In other McGrath RentCorp news, CEO Dennis C. Kakures sold 10,449 shares of the firm’s stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $30.21, for a total transaction of $315,664.29. Following the sale, the chief executive officer now directly owns 333,172 shares in the company, valued at approximately $10,065,126.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Bruce Michael Buckland sold 2,080 shares of the firm’s stock in a transaction that occurred on Thursday, May 12th. The stock was sold at an average price of $26.56, for a total transaction of $55,244.80. Following the sale, the vice president now owns 3,643 shares in the company, valued at $96,758.08. The disclosure for this sale can be found here.
Other hedge funds recently made changes to their positions in the company. Rhumbline Advisers increased its stake in shares of McGrath RentCorp by 1.3% in the fourth quarter. Rhumbline Advisers now owns 57,280 shares of the company’s stock valued at $1,443,000 after buying an additional 730 shares during the period. Comerica Bank increased its stake in shares of McGrath RentCorp by 9.4% in the fourth quarter. Comerica Bank now owns 55,080 shares of the company’s stock valued at $1,313,000 after buying an additional 4,711 shares during the period. Brown Advisory Inc. increased its stake in shares of McGrath RentCorp by 2.7% in the fourth quarter. Brown Advisory Inc. now owns 946,951 shares of the company’s stock valued at $23,853,000 after buying an additional 25,252 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of McGrath RentCorp by 8.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,404,354 shares of the company’s stock valued at $35,376,000 after buying an additional 111,686 shares during the period.
McGrath RentCorp is a diversified business-to-business rental company with four rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The Company operates in 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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