McGrath RentCorp (NASDAQ:MGRC) Short Interest Update

McGrath RentCorp (NASDAQ:MGRC) was the recipient of a significant decrease in short interest in the month of January. As of January 15th, there was short interest totalling 520,000 shares, a decrease of 12.4% from the December 31st total of 593,800 shares. Based on an average daily volume of 182,000 shares, the short-interest ratio is presently 2.9 days.

Analysts Set New Price Targets

Several brokerages have weighed in on MGRC. Oppenheimer raised their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. StockNews.com raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Finally, CJS Securities began coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 target price on the stock.

Insider Activity

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total value of $1,898,899.20. Following the transaction, the chief executive officer now directly owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Gilda Malek sold 919 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $121.78, for a total transaction of $111,915.82. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV raised its stake in McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after acquiring an additional 188 shares during the period. Covestor Ltd increased its stake in shares of McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 161 shares in the last quarter. Millburn Ridgefield Corp bought a new stake in shares of McGrath RentCorp in the third quarter valued at approximately $203,000. Empirical Asset Management LLC purchased a new stake in shares of McGrath RentCorp during the 4th quarter valued at approximately $207,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after buying an additional 104 shares during the period. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Price Performance

NASDAQ MGRC opened at $122.67 on Friday. The business’s fifty day moving average is $117.44 and its 200-day moving average is $111.84. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 1.47 and a beta of 0.77. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86.

McGrath RentCorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.55%. The ex-dividend date was Friday, January 17th. McGrath RentCorp’s dividend payout ratio is 20.77%.

McGrath RentCorp Company Profile

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.