McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna Sells 7,500 Shares of Stock

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 7,500 shares of McGrath RentCorp stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $120.64, for a total transaction of $904,800.00. Following the completion of the sale, the director owned 151,549 shares of the company’s stock, valued at approximately $18,282,871.36. This trade represents a 4.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

McGrath RentCorp Trading Down 1.7%

Shares of NASDAQ MGRC opened at $117.91 on Friday. The business has a 50 day simple moving average of $114.16 and a 200-day simple moving average of $111.99. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of 18.72, a price-to-earnings-growth ratio of 1.22 and a beta of 0.43.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.13 by ($0.03). The business had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%. As a group, equities analysts predict that McGrath RentCorp will post 6.35 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Investors of record on Friday, July 17th will be given a $0.495 dividend. This represents a $1.98 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, July 17th. McGrath RentCorp’s dividend payout ratio (DPR) is currently 31.43%.

Hedge Funds Weigh In On McGrath RentCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGRC. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of McGrath RentCorp by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,528 shares of the financial services provider’s stock worth $1,618,000 after buying an additional 639 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in McGrath RentCorp by 5.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 77,256 shares of the financial services provider’s stock worth $8,606,000 after acquiring an additional 3,967 shares during the period. Jane Street Group LLC grew its holdings in McGrath RentCorp by 2,213.6% during the first quarter. Jane Street Group LLC now owns 58,140 shares of the financial services provider’s stock worth $6,477,000 after acquiring an additional 55,627 shares during the period. Focus Partners Wealth lifted its holdings in McGrath RentCorp by 68.6% in the 1st quarter. Focus Partners Wealth now owns 2,044 shares of the financial services provider’s stock valued at $228,000 after acquiring an additional 832 shares during the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of McGrath RentCorp by 24.8% during the 1st quarter. Intech Investment Management LLC now owns 13,800 shares of the financial services provider’s stock valued at $1,537,000 after purchasing an additional 2,745 shares in the last quarter. 92.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $141.50.

McGrath RentCorp Company Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.