McGrath RentCorp (MGRC) Reaches New 1-Year High at $32.13
Shares of McGrath RentCorp (NASDAQ:MGRC) hit a new 52-week high during trading on Wednesday . The company traded as high as $32.13 and last traded at $32.11, with a volume of 109,767 shares changing hands. The stock had previously closed at $31.28.
A number of analysts recently issued reports on the company. Zacks Investment Research downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th. TheStreet raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, June 10th. Finally, Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, May 4th.
The firm has a 50-day moving average price of $30.30 and a 200 day moving average price of $26.31. The firm has a market cap of $769.28 million and a PE ratio of 19.96.
McGrath RentCorp (NASDAQ:MGRC) last released 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. During the same quarter in the prior year, the firm posted $0.26 earnings per share. The business earned $93.70 million during the quarter, compared to analysts’ expectations of $92.18 million. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. On average, analysts forecast that McGrath RentCorp will post $1.60 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 29th. Investors of record on Friday, July 15th will be paid a $0.255 dividend. The ex-dividend date of this dividend is Wednesday, July 13th. This represents a $1.02 dividend on an annualized basis and a yield of 3.17%.
In other McGrath RentCorp news, 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 transaction, the vice president now directly owns 3,643 shares of the company’s stock, valued at approximately $96,758.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Philip B. Hawkins sold 1,000 shares of the firm’s stock in a transaction 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 transaction, the vice president now directly owns 13,253 shares of the company’s stock, valued at $346,963.54. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently made changes to their positions in MGRC. Comerica Bank increased its position in shares of 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. Rhumbline Advisers increased its position in shares of 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. Finally, Brown Advisory Inc. increased its position in shares of 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.
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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