McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna Sells 7,500 Shares of Stock

Key Points

• Director Joseph Hanna sold 7,500 McGrath RentCorp shares at an average price of $115.04, receiving $862,800. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced his position by 4.95%.
• McGrath RentCorp’s shares recently traded at $117.56, while the company’s latest quarterly results missed expectations: earnings per share came in at $1.37 versus the $1.47 consensus, and revenue was $221.11 million versus $236.51 million expected.
• The company declared a quarterly dividend of $0.495 per share, equivalent to $1.98 annually and a 1.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $140.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) Director Joseph Hanna sold 7,500 shares of the business's stock in a transaction on 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 approximately $16,571,396.96. This trade represents a 4.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

McGrath RentCorp Price Performance

Shares of MGRC stock traded up $2.57 during trading hours on Friday, reaching $117.56. The stock had a trading volume of 153,232 shares, compared to its average volume of 146,922. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $125.83. The firm has a 50-day simple moving average of $115.20 and a 200-day simple moving average of $114.14. The firm has a market capitalization of $2.87 billion, a PE ratio of 18.93, a price-to-earnings-growth ratio of 1.16 and a beta of 0.47.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The financial services provider reported $1.37 earnings per share 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 the consensus estimate of $236.51 million. On average, equities analysts anticipate that McGrath RentCorp will post 6.37 earnings per share for the current year.

McGrath RentCorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 16th will be issued a $0.4950 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, October 16th. McGrath RentCorp's dividend payout ratio is 31.88%.

Institutional Trading of McGrath RentCorp

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of McGrath RentCorp in the second quarter valued at $252,840,000. Neumeier Poma Investment Counsel LLC acquired a new position in McGrath RentCorp during the second quarter worth about $35,716,921. Medina Value Partners LLC acquired a new position in McGrath RentCorp during the second quarter worth about $25,451,883. William Blair Investment Management LLC bought a new stake in McGrath RentCorp in the second quarter worth about $22,833,000. Finally, Bank of New York Mellon Corp bought a new stake in McGrath RentCorp in the second quarter worth about $19,038,000. 92.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

About McGrath RentCorp

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.

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