McGrath RentCorp (MGRC) Sees Large Volume Increase
McGrath RentCorp (NASDAQ:MGRC) saw an uptick in trading volume on Thursday . 100,183 shares traded hands during 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 McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Wednesday. TheStreet raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, June 10th. Finally, Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of McGrath RentCorp in a research note on Wednesday, May 4th.
The stock has a 50-day moving average of $29.41 and a 200-day moving average of $25.96. The firm has a market cap of $725.78 million and a P/E ratio of 18.83.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, May 3rd. The company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. During the same quarter in the prior year, the business earned $0.26 earnings per share. The business had revenue of $93.70 million for the quarter, compared to analyst estimates of $92.18 million. The firm’s revenue was up 3.9% on a year-over-year basis. On average, equities analysts forecast that McGrath RentCorp will post $1.60 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Stockholders of record on Friday, July 15th will be paid a dividend of $0.255 per share. The ex-dividend date is Wednesday, July 13th. This represents a $1.02 annualized dividend and a dividend yield of 3.36%.
In related news, VP Philip B. Hawkins sold 1,000 shares of McGrath RentCorp stock in a transaction dated Tuesday, May 24th. The stock was sold at an average price of $27.61, for a total value of $27,610.00. Following the completion of the transaction, the vice president now directly owns 15,753 shares in the company, valued at $434,940.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Bruce Michael Buckland sold 2,080 shares of McGrath RentCorp stock in a transaction dated Thursday, May 12th. The stock was sold at an average price of $26.56, for a total value of $55,244.80. Following the completion of the transaction, the vice president now owns 3,643 shares of the company’s stock, valued at $96,758.08. The disclosure for this sale can be found here.
A number of institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in McGrath RentCorp by 8.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,404,354 shares of the company’s stock worth $35,376,000 after buying an additional 111,686 shares during the period. 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 worth $23,853,000 after buying an additional 25,252 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 worth $1,313,000 after buying an additional 4,711 shares during the period. 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 worth $1,443,000 after buying an additional 730 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).
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.