Insider Selling: McGrath RentCorp (MGRC) Director Sells $16,173.50 in Stock
McGrath RentCorp (NASDAQ:MGRC) Director Elizabeth A. Fetter sold 350 shares of the business’s stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $46.21, for a total transaction of $16,173.50. Following the completion of the sale, the director now directly owns 5,050 shares of the company’s stock, valued at approximately $233,360.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Shares of McGrath RentCorp (NASDAQ MGRC) traded up $0.22 during trading on Thursday, hitting $46.10. 187,088 shares of the stock were exchanged, compared to its average volume of 73,797. McGrath RentCorp has a 12 month low of $32.09 and a 12 month high of $49.66. The company has a market cap of $1,111.24, a P/E ratio of 24.34, a PEG ratio of 2.27 and a beta of 0.99.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The company had revenue of $135.39 million during the quarter, compared to the consensus estimate of $124.90 million. During the same quarter in the prior year, the firm posted $0.54 EPS. The firm’s quarterly revenue was up 11.0% on a year-over-year basis. equities research analysts forecast that McGrath RentCorp will post 2.04 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th were paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 2.26%. The ex-dividend date was Monday, October 16th. McGrath RentCorp’s payout ratio is 54.74%.
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A number of analysts have issued reports on the stock. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $56.00 price objective for the company in a report on Friday, November 3rd. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st. Finally, BidaskClub raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th.
A number of large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio lifted its stake in McGrath RentCorp by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 11,166 shares of the financial services provider’s stock valued at $387,000 after purchasing an additional 56 shares during the last quarter. Legal & General Group Plc lifted its stake in McGrath RentCorp by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock valued at $252,000 after purchasing an additional 172 shares during the last quarter. California Public Employees Retirement System lifted its stake in McGrath RentCorp by 0.6% in the 1st quarter. California Public Employees Retirement System now owns 53,200 shares of the financial services provider’s stock valued at $1,786,000 after purchasing an additional 300 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in McGrath RentCorp by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock valued at $638,000 after purchasing an additional 352 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in McGrath RentCorp by 2.0% in the 2nd quarter. Wells Fargo & Company MN now owns 18,013 shares of the financial services provider’s stock valued at $625,000 after purchasing an additional 357 shares during the last quarter. 81.97% of the stock is owned by institutional investors and hedge funds.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through 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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