McGrath RentCorp (MGRC) to Issue $0.26 Quarterly Dividend
McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Thursday, September 22nd. Shareholders of record on Monday, October 17th will be paid a dividend of 0.255 per share on Monday, October 31st. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend is Thursday, October 13th.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 31.96 on Friday. The stock has a market capitalization of $763.78 million, a price-to-earnings ratio of 19.81 and a beta of 0.96. The stock’s 50 day moving average price is $31.75 and its 200-day moving average price is $28.65. McGrath RentCorp has a 12 month low of $21.46 and a 12 month high of $33.35.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, August 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.04. McGrath RentCorp had a net margin of 11.96% and a return on equity of 12.96%. The company had revenue of $103.10 million for the quarter, compared to the consensus estimate of $98.58 million. During the same period in the previous year, the business earned $0.32 EPS. The company’s revenue was up 7.4% on a year-over-year basis. Equities analysts forecast that McGrath RentCorp will post $1.62 earnings per share for the current fiscal year.
In other McGrath RentCorp news, CFO Keith E. Pratt sold 1,372 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $31.94, for a total transaction of $43,821.68. Following the sale, the chief financial officer now directly owns 30,000 shares of the company’s stock, valued at approximately $958,200. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Trease Kristina Van sold 2,266 shares of the business’s stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $31.74, for a total transaction of $71,922.84. Following the sale, the vice president now directly owns 16,236 shares in the company, valued at $515,330.64. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC bought a new position in McGrath RentCorp during the second quarter worth $479,000. Guggenheim Capital LLC bought a new position in McGrath RentCorp during the second quarter worth $451,000. Parametric Portfolio Associates LLC increased its position in McGrath RentCorp by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 80,326 shares of the company’s stock worth $2,457,000 after buying an additional 450 shares during the period. Citadel Advisors LLC bought a new position in McGrath RentCorp during the second quarter worth $923,000. Finally, Paradigm Asset Management Co. LLC increased its position in McGrath RentCorp by 7.8% in the second quarter. Paradigm Asset Management Co. LLC now owns 13,900 shares of the company’s stock worth $425,000 after buying an additional 1,000 shares during the period. 81.61% of the stock is currently owned by institutional investors.
A number of brokerages have commented on MGRC. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Friday, August 5th. TheStreet upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, June 10th. Finally, Sidoti boosted their price objective on McGrath RentCorp from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 14th.
About McGrath RentCorp
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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