Insider Selling: McGrath RentCorp (NASDAQ:MGRC) Director Sells $862,800.00 in Stock

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 7,500 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $115.04, for a total transaction of $862,800.00. Following the transaction, the director directly owned 144,049 shares of the company’s stock, valued at $16,571,396.96. This represents a 4.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

McGrath RentCorp Price Performance

MGRC stock opened at $117.56 on Monday. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $125.83. The company has a market cap of $2.87 billion, a PE ratio of 18.93, a price-to-earnings-growth ratio of 1.19 and a beta of 0.47. The business’s 50-day simple moving average is $115.20 and its 200 day simple moving average is $114.20.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, July 29th. The financial services provider reported $1.37 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.10). McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.44%. The firm had revenue of $221.11 million during the quarter, compared to analyst estimates of $236.51 million. On average, equities research analysts anticipate that McGrath RentCorp will post 6.37 EPS for the current year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be given a $0.4950 dividend. This represents a $1.98 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 16th. McGrath RentCorp’s dividend payout ratio (DPR) is 31.88%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings upgraded shares of McGrath RentCorp from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $140.00.

Institutional Trading of McGrath RentCorp

Several institutional investors have recently bought and sold shares of MGRC. Public Employees Retirement System of Ohio bought a new position in shares of McGrath RentCorp during the second quarter valued at $45,000. Nykredit A S bought a new stake in shares of McGrath RentCorp in the 2nd quarter worth about $157,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of McGrath RentCorp during the 2nd quarter worth about $242,000. Phillips Wealth Planners LLC bought a new position in McGrath RentCorp during the 2nd quarter valued at about $243,000. Finally, Jefferies Financial Group Inc. bought a new position in McGrath RentCorp during the 2nd quarter valued at about $252,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Company Profile

McGrath RentCorp was a business-to-business rental company headquartered in Livermore, California. The company provided temporary and longer-term rental solutions for modular buildings, portable storage, electronic test equipment and related products, serving customers in the education, government, construction, commercial and industrial sectors.

Its Mobile Modular business supplied relocatable classrooms, office buildings and other modular structures, while its TRS-RenTelco operation rented electronic test and measurement equipment used by telecommunications, electronics, aerospace and other industrial customers.