Joseph F. Hanna Sells 15,840 Shares of McGrath RentCorp (NASDAQ:MGRC) Stock

McGrath RentCorp (NASDAQ:MGRC) CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction dated 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 sale, the chief executive officer now owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

McGrath RentCorp Stock Performance

MGRC opened at $120.07 on Friday. The firm has a market cap of $2.95 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 1.71 and a beta of 0.74. The business has a 50 day moving average price of $107.88 and a 200 day moving average price of $107.67. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The business had revenue of $266.76 million during the quarter, compared to analysts’ expectations of $227.76 million. During the same period in the previous year, the company earned $1.65 earnings per share. McGrath RentCorp’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, 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 declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.58%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is currently 20.77%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer upped their price objective on shares of McGrath RentCorp from $120.00 to $124.00 and gave the stock an “outperform” rating in a report on Friday, October 25th.

Hedge Funds Weigh In On McGrath RentCorp

Large investors have recently made changes to their positions in the business. BNP Paribas Financial Markets increased its position in McGrath RentCorp by 9.9% in the 1st quarter. BNP Paribas Financial Markets now owns 21,971 shares of the financial services provider’s stock worth $2,711,000 after buying an additional 1,976 shares during the period. GSA Capital Partners LLP raised its stake in McGrath RentCorp by 230.5% during the 1st quarter. GSA Capital Partners LLP now owns 5,529 shares of the financial services provider’s stock valued at $682,000 after purchasing an additional 3,856 shares during the last quarter. TFG Advisers LLC bought a new stake in McGrath RentCorp in the 1st quarter valued at $203,000. Quantbot Technologies LP acquired a new stake in McGrath RentCorp in the 1st quarter worth $1,008,000. Finally, SG Americas Securities LLC bought a new position in shares of McGrath RentCorp during the 1st quarter worth about $171,000. Institutional investors and hedge funds own 92.05% of the company’s 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.