Insider Selling: McGrath RentCorp (NASDAQ:MGRC) Director Sells $620,706.04 in Stock

Key Points

• Director Joseph Hanna sold 4,748 shares for about $620,706, reducing his stake by 3.3%; he still directly owns 139,301 shares.
• McGrath RentCorp reported quarterly EPS of $2.00, beating the $1.89 consensus, while revenue of $274.61 million also exceeded estimates.
• Analysts’ average rating is Hold, with a consensus price target of $140; the company’s quarterly dividend equates to $1.98 annually per share.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) Director Joseph Hanna sold 4,748 shares of the firm's stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $130.73, for a total transaction of $620,706.04. Following the transaction, the director directly owned 139,301 shares in the company, valued at $18,210,819.73. This represents a 3.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

McGrath RentCorp Stock Performance

Shares of MGRC stock traded down $0.06 during trading on Wednesday, hitting $132.86. The company had a trading volume of 582,745 shares, compared to its average volume of 448,525. The firm has a market capitalization of $3.24 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 1.35 and a beta of 0.48. The stock's 50-day moving average price is $114.69 and its 200 day moving average price is $114.30. McGrath RentCorp has a one year low of $94.99 and a one year high of $134.61.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $2.00 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.11. The firm had revenue of $274.61 million for the quarter, compared to analyst estimates of $273.25 million. McGrath RentCorp had a return on equity of 12.75% and a net margin of 16.75%. On average, research analysts anticipate that McGrath RentCorp will post 6.38 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Friday, October 16th were paid a dividend of $0.4950 per share. This represents a $1.98 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, October 16th. McGrath RentCorp's dividend payout ratio is presently 30.51%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "hold (c+)" rating on shares of McGrath RentCorp in a research report on Monday, October 26th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $140.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of McGrath RentCorp in the 2nd quarter valued at approximately $252,840,000. Dimensional Fund Advisors LP increased its position in McGrath RentCorp by 5.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 906,954 shares of the financial services provider's stock worth $100,019,000 after purchasing an additional 47,451 shares in the last quarter. Alyeska Investment Group L.P. increased its position in McGrath RentCorp by 39.2% during the 2nd quarter. Alyeska Investment Group L.P. now owns 330,702 shares of the financial services provider's stock worth $40,025,000 after purchasing an additional 93,196 shares in the last quarter. Neumeier Poma Investment Counsel LLC bought a new position in McGrath RentCorp in the 2nd quarter valued at approximately $35,716,921. Finally, Medina Value Partners LLC bought a new position in McGrath RentCorp in the 2nd quarter valued at approximately $25,451,883. Institutional investors own 92.05% of the company's stock.

About McGrath RentCorp

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test equipment and related products. Its modular building offerings served customers needing temporary or permanent space, including classrooms, offices, healthcare facilities and other commercial or institutional applications.

Through brands such as Mobile Modular, the company rented relocatable buildings and portable storage units, while its TRS-RenTelco business provided electronic test and measurement equipment to telecommunications, electronics, aerospace, defense and other industrial customers.

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