Insider Selling: McGrath RentCorp (NASDAQ:MGRC) CEO Sells 14,577 Shares of 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 stock in a transaction on 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 sale, the chief executive officer owned 153,637 shares in the company, valued at $19,442,762.35. This trade represents a 8.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

McGrath RentCorp Trading Down 1.2%

Shares of NASDAQ:MGRC traded down $1.48 during trading on Thursday, reaching $124.79. The company had a trading volume of 189,079 shares, compared to its average volume of 112,084. The company has a fifty day moving average of $116.68 and a two-hundred day moving average of $115.27. The stock has a market capitalization of $3.07 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.30 and a beta of 0.66. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $129.93.

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

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be 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 is Thursday, July 17th. McGrath RentCorp's payout ratio is 18.89%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On McGrath RentCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGRC. New Age Alpha Advisors LLC purchased a new stake in McGrath RentCorp in the 4th quarter worth approximately $33,000. Strs Ohio bought a new position in shares of McGrath RentCorp in the 1st quarter worth about $56,000. Adirondack Trust Co. lifted its holdings in shares of McGrath RentCorp by 20.0% during the second quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider's stock valued at $70,000 after purchasing an additional 100 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in McGrath RentCorp in the fourth quarter worth $89,000. Finally, Focus Partners Wealth purchased a new stake in McGrath RentCorp during the 4th quarter valued at about $136,000. 92.05% of the stock is currently owned by 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.

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