McGrath RentCorp (MGRC) Sets New 12-Month High at $31.58
McGrath RentCorp (NASDAQ:MGRC)’s share price reached a new 52-week high on Monday . The company 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.
A number of equities analysts have weighed in on MGRC shares. TheStreet upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, June 10th. Zacks Investment Research cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th. Finally, Oppenheimer Holdings Inc. restated a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, May 4th.
The firm has a market capitalization of $756.85 million and a price-to-earnings ratio of 19.63. The stock has a 50 day moving average price of $29.76 and a 200-day moving average price of $26.06.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data 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 analysts’ expectations of $92.18 million. During the same quarter last year, the business earned $0.26 earnings per share. The business’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities research analysts forecast that McGrath RentCorp will post $1.60 EPS for the current fiscal year.
The company also recently disclosed 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 yield of 3.22%.
In other McGrath RentCorp news, VP Philip B. Hawkins sold 1,000 shares of the firm’s stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $26.18, for a total value of $26,180.00. Following the completion of the sale, the vice president now owns 13,253 shares of the company’s stock, valued at $346,963.54. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Bruce Michael Buckland sold 2,080 shares of the firm’s stock in a transaction 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 completion of the sale, the vice president now directly owns 3,643 shares of the company’s stock, valued at approximately $96,758.08. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in 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 position in 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. Finally, Brown Advisory Inc. increased its position in 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.
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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