McGrath RentCorp (MGRC) Sets New 1-Year High at $31.58
Shares of McGrath RentCorp (NASDAQ:MGRC) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $31.58 and last traded at $31.36, with a volume of 21,277 shares. The stock had previously closed at $30.92.
Several analysts recently issued reports on the stock. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $29.00 price objective for the company in a report on Friday, May 6th. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, May 4th. Finally, TheStreet raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, June 10th.
The company has a market capitalization of $745.86 million and a PE ratio of 19.35. The company’s 50-day moving average is $29.52 and its 200-day moving average is $26.00.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, May 3rd. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. The company had revenue of $93.70 million for the quarter, compared to analyst estimates of $92.18 million. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business posted $0.26 earnings per share. On average, equities analysts predict that McGrath RentCorp will post $1.60 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Shareholders of record on Friday, July 15th will be issued a dividend of $0.255 per share. The ex-dividend date is Wednesday, July 13th. This represents a $1.02 annualized dividend and a yield of 3.25%.
In other news, VP Bruce Michael Buckland sold 2,080 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $26.56, for a total value of $55,244.80. Following the sale, the vice president now directly owns 3,643 shares in the company, valued at $96,758.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Philip B. Hawkins sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $26.18, for a total transaction of $26,180.00. Following the completion of the sale, the vice president now owns 13,253 shares in the company, valued at $346,963.54. The disclosure for this sale can be found here.
Several hedge funds have bought and sold shares of the stock. Rhumbline Advisers increased its stake in McGrath RentCorp by 1.3% in the fourth quarter. Rhumbline Advisers now owns 57,280 shares of the company’s stock worth $1,443,000 after buying an additional 730 shares during the period. Comerica Bank increased its stake in McGrath RentCorp by 9.4% in the fourth quarter. Comerica Bank now owns 55,080 shares of the company’s stock worth $1,313,000 after buying an additional 4,711 shares during the period. Finally, Brown Advisory Inc. increased its stake in McGrath RentCorp by 2.7% in the fourth quarter. Brown Advisory Inc. now owns 946,951 shares of the company’s stock worth $23,853,000 after buying an additional 25,252 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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