McGrath RentCorp (MGRC) Sees Large Volume Increase
McGrath RentCorp (NASDAQ:MGRC) shares saw an uptick in trading volume on Wednesday . 237,696 shares traded hands during mid-day trading, an increase of 133% from the previous session’s volume of 101,958 shares.The stock last traded at $31.07 and had previously closed at $30.88.
Several research firms have commented on MGRC. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Friday, August 5th. TheStreet upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, June 10th. Finally, Oppenheimer Holdings Inc. restated a “hold” rating on shares of McGrath RentCorp in a research note on Wednesday, May 4th.
The stock has a market capitalization of $742.51 million and a PE ratio of 19.26. The company has a 50-day moving average price of $31.10 and a 200 day moving average price of $27.18.
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, topping the Zacks’ consensus estimate of $0.34 by $0.04. During the same quarter last year, the business posted $0.32 EPS. The firm had revenue of $103.10 million for the quarter, compared to analyst estimates of $98.58 million. The firm’s revenue was up 7.4% compared to the same quarter last year. Analysts expect that McGrath RentCorp will post $1.64 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 29th. Shareholders of record on Friday, July 15th were paid a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Wednesday, July 13th.
In other McGrath RentCorp news, CFO Keith E. Pratt sold 1,362 shares of the stock in a transaction that occurred on Wednesday, June 15th. The shares were sold at an average price of $30.20, for a total transaction of $41,132.40. Following the transaction, the chief financial officer now owns 30,000 shares of the company’s stock, valued at $906,000. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Philip B. Hawkins sold 1,000 shares of the stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $27.61, for a total transaction of $27,610.00. Following the transaction, the vice president now directly owns 15,753 shares in the company, valued at approximately $434,940.33. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in McGrath RentCorp stock. Comerica Bank increased its position in McGrath RentCorp (NASDAQ:MGRC) by 9.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 55,080 shares of the company’s stock after buying an additional 4,711 shares during the period. Comerica Bank owned 0.23% of McGrath RentCorp worth $1,313,000 as of its most recent SEC filing.
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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