McGrath RentCorp (MGRC) Sees Large Volume Increase
McGrath RentCorp (NASDAQ:MGRC) shares saw unusually-high trading volume on Monday . Approximately 140,147 shares traded hands during trading, an increase of 42% from the previous session’s volume of 98,862 shares.The stock last traded at $31.38 and had previously closed at $31.66.
A number of equities analysts have recently weighed in on MGRC shares. Zacks Investment Research raised McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday, April 28th. Oppenheimer Holdings Inc. reissued a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, May 4th. Finally, TheStreet raised McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, June 10th.
The firm has a 50-day moving average price of $30.16 and a 200-day moving average price of $26.23. The company has a market capitalization of $749.92 million and a P/E ratio of 19.45.
McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Tuesday, May 3rd. The company reported $0.27 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.27. The business had revenue of $93.70 million for the quarter, compared to analyst estimates of $92.18 million. During the same period in the previous year, the company earned $0.26 earnings per share. The company’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts anticipate that McGrath RentCorp will post $1.60 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Shareholders of record on Friday, July 15th will be given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 3.25%. The ex-dividend date is Wednesday, July 13th.
In other McGrath RentCorp news, Director William J. Dawson sold 5,000 shares of the stock in a transaction on Monday, June 13th. The shares were sold at an average price of $30.27, for a total transaction of $151,350.00. Following the transaction, the director now directly owns 15,643 shares of the company’s stock, valued at $473,513.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Philip B. Hawkins sold 1,000 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $26.18, for a total transaction of $26,180.00. Following the transaction, the vice president now directly owns 13,253 shares in the company, valued at $346,963.54. The disclosure for this sale can be found here.
Other institutional investors have bought and sold shares of the company. 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 last quarter. 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 last quarter. Finally, 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 last quarter.
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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