Joseph F. Hanna Sells 14,577 Shares of McGrath RentCorp (NASDAQ:MGRC) Stock

Key Points

• McGrath RentCorp CEO Joseph F. Hanna sold 14,577 shares of stock at an average price of $126.55, totaling approximately $1.84 million, which decreased his stake by 8.67%.
• The company reported quarterly earnings of $1.46 per share, exceeding analysts' estimates, with revenues reaching $235.62 million, up 10.8% from the previous year.
• McGrath RentCorp recently declared a quarterly dividend of $0.485, representing an annualized rate of $1.94 and a yield of 1.6%.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) CEO Joseph F. Hanna sold 14,577 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $126.55, for a total value of $1,844,719.35. Following the completion of the transaction, the chief executive officer owned 153,637 shares of the company's stock, valued at approximately $19,442,762.35. The trade was a 8.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

McGrath RentCorp Stock Up 0.5%

Shares of NASDAQ:MGRC traded up $0.61 during trading on Monday, reaching $120.62. 16,665 shares of the company's stock traded hands, compared to its average volume of 145,536. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The firm has a market cap of $2.97 billion, a PE ratio of 11.74, a P/E/G ratio of 1.24 and a beta of 0.66. The company has a 50-day simple moving average of $117.01 and a 200-day simple moving average of $115.34.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $1.46 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.16. McGrath RentCorp had a return on equity of 13.52% and a net margin of 26.81%. The firm had revenue of $235.62 million for the quarter, compared to analysts' expectations of $220.71 million. During the same period last year, the firm earned $0.84 EPS. The company's quarterly revenue was up 10.8% on a year-over-year basis. On average, equities research analysts forecast that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th were paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Thursday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is 18.89%.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. New Age Alpha Advisors LLC purchased a new stake in shares of McGrath RentCorp during the 4th quarter valued at approximately $33,000. Strs Ohio purchased a new stake in shares of McGrath RentCorp during the 1st quarter valued at approximately $56,000. Adirondack Trust Co. raised its position in shares of McGrath RentCorp by 20.0% during the 2nd quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider's stock valued at $70,000 after buying an additional 100 shares during the period. Canada Pension Plan Investment Board purchased a new stake in McGrath RentCorp in the fourth quarter valued at approximately $89,000. Finally, Focus Partners Wealth purchased a new stake in McGrath RentCorp in the fourth quarter valued at approximately $136,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

About McGrath RentCorp

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.