Insider Selling: McGrath RentCorp (NASDAQ:MGRC) VP Sells $605,592.00 in Stock

McGrath RentCorp (NASDAQ:MGRC) VP David M. Whitney sold 5,176 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total transaction of $605,592.00. Following the transaction, the vice president now owns 205 shares of the company’s stock, valued at approximately $23,985. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

McGrath RentCorp Stock Up 1.5 %

McGrath RentCorp stock opened at $115.36 on Friday. The stock has a market cap of $2.83 billion, a P/E ratio of 12.61, a P/E/G ratio of 1.64 and a beta of 0.75. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The company’s 50-day moving average price is $106.73 and its two-hundred day moving average price is $107.36.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The company had revenue of $266.76 million for the quarter, compared to analysts’ expectations of $227.76 million. During the same period last year, the firm earned $1.65 earnings per share. The business’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were issued a dividend of $0.475 per share. The ex-dividend date was Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.65%. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. River Road Asset Management LLC increased its stake in McGrath RentCorp by 68.2% in the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock valued at $131,324,000 after acquiring an additional 505,817 shares during the last quarter. Capital Research Global Investors increased its stake in McGrath RentCorp by 67.6% in the first quarter. Capital Research Global Investors now owns 784,021 shares of the financial services provider’s stock valued at $96,725,000 after acquiring an additional 316,292 shares during the last quarter. Alpine Associates Management Inc. increased its stake in McGrath RentCorp by 9.8% in the second quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock valued at $75,741,000 after acquiring an additional 63,366 shares during the last quarter. Victory Capital Management Inc. boosted its position in McGrath RentCorp by 5.9% in the second quarter. Victory Capital Management Inc. now owns 707,698 shares of the financial services provider’s stock valued at $75,405,000 after buying an additional 39,171 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new stake in McGrath RentCorp in the first quarter valued at approximately $84,042,000. 92.05% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MGRC shares. Oppenheimer raised their target price on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, October 22nd.

About McGrath RentCorp

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.