Insider Selling: McGrath RentCorp (NASDAQ:MGRC) CAO Sells 500 Shares of Stock

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) CAO David M. Whitney sold 500 shares of McGrath RentCorp stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $116.01, for a total transaction of $58,005.00. Following the completion of the transaction, the chief accounting officer now directly owns 8,915 shares in the company, valued at $1,034,229.15. This represents a 5.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC traded up $1.88 during mid-day trading on Monday, hitting $116.12. The stock had a trading volume of 176,304 shares, compared to its average volume of 183,993. The firm has a market cap of $2.86 billion, a PE ratio of 12.31, a PEG ratio of 1.35 and a beta of 0.66. The company has a 50 day moving average of $109.43 and a two-hundred day moving average of $114.92. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $129.93.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its earnings results on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.13. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The firm had revenue of $195.42 million for the quarter, compared to analyst estimates of $189.03 million. During the same quarter in the prior year, the firm earned $0.93 earnings per share. McGrath RentCorp's revenue for the quarter was up 4.0% on a year-over-year basis. Equities research analysts predict that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be paid a dividend of $0.485 per share. The ex-dividend date of this dividend is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.67%. McGrath RentCorp's payout ratio is currently 20.10%.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

Hedge Funds Weigh In On McGrath RentCorp

Several institutional investors and hedge funds have recently modified their holdings of MGRC. Vanguard Group Inc. lifted its holdings in McGrath RentCorp by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 2,726,133 shares of the financial services provider's stock valued at $304,836,000 after acquiring an additional 29,467 shares during the period. River Road Asset Management LLC boosted its holdings in McGrath RentCorp by 52.1% during the fourth quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider's stock worth $212,116,000 after buying an additional 649,567 shares in the last quarter. Franklin Resources Inc. grew its position in McGrath RentCorp by 7.9% during the fourth quarter. Franklin Resources Inc. now owns 1,199,169 shares of the financial services provider's stock valued at $134,091,000 after buying an additional 87,329 shares during the period. T. Rowe Price Investment Management Inc. grew its position in McGrath RentCorp by 13.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider's stock valued at $115,685,000 after buying an additional 120,829 shares during the period. Finally, Eminence Capital LP raised its position in shares of McGrath RentCorp by 12.0% in the first quarter. Eminence Capital LP now owns 840,071 shares of the financial services provider's stock worth $93,584,000 after acquiring an additional 89,773 shares during the period. 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.