McGrath RentCorp (NASDAQ:MGRC) Sees Significant Drop in Short Interest

McGrath RentCorp (NASDAQ:MGRC) was the target of a significant drop in short interest during the month of February. As of February 15th, there was short interest totalling 437,000 shares, a drop of 17.8% from the January 31st total of 531,500 shares. Based on an average daily trading volume, of 138,700 shares, the short-interest ratio is currently 3.2 days.

McGrath RentCorp Trading Down 1.3 %

McGrath RentCorp stock traded down $1.51 during mid-day trading on Wednesday, hitting $114.52. The company had a trading volume of 24,254 shares, compared to its average volume of 144,904. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.35 and a beta of 0.75. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The company’s fifty day moving average is $119.09 and its 200-day moving average is $114.28.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The firm had revenue of $243.75 million for the quarter, compared to the consensus estimate of $246.93 million. As a group, sell-side analysts expect that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be paid a $0.485 dividend. This represents a $1.94 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Wednesday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is currently 20.57%.

Insiders Place Their Bets

In other McGrath RentCorp news, 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 transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kimberly Ann Box sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the transaction, the director now owns 7,500 shares of the company’s stock, valued at approximately $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of McGrath RentCorp

A number of institutional investors and hedge funds have recently made changes to their positions in MGRC. O Shaughnessy Asset Management LLC increased its position in shares of McGrath RentCorp by 3.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 2,602 shares of the financial services provider’s stock worth $291,000 after purchasing an additional 86 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 104 shares during the last quarter. Covestor Ltd boosted its stake in McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 161 shares during the last quarter. Summit Investment Advisors Inc. grew its holdings in shares of McGrath RentCorp by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,553 shares of the financial services provider’s stock worth $285,000 after buying an additional 162 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of McGrath RentCorp by 1.8% in the fourth quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider’s stock valued at $1,182,000 after buying an additional 184 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGRC has been the subject of several research reports. Oppenheimer lifted their price objective on shares of 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 upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, February 28th. Finally, CJS Securities assumed coverage on McGrath RentCorp in a research report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target on the stock.

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.