McGrath RentCorp (NASDAQ:MGRC) Sees Large Volume Increase - Here's Why

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 133,287 shares changed hands during mid-day trading, a decline of 8% from the previous session's volume of 144,175 shares.The stock last traded at $112.60 and had previously closed at $112.38.

Analysts Set New Price Targets

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

McGrath RentCorp Stock Down 0.3%

The firm has a fifty day simple moving average of $109.35 and a 200-day simple moving average of $115.02. The company has a market cap of $2.80 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The financial services provider reported $1.15 earnings per share (EPS) for the quarter, topping 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 last year, the company posted $0.93 earnings per share. The business's revenue was up 4.0% on a year-over-year basis. Equities research analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 17th will be given a $0.485 dividend. The ex-dividend date is Thursday, July 17th. This represents a $1.94 dividend on an annualized basis and a yield of 1.71%. McGrath RentCorp's payout ratio is currently 20.10%.

Insider Activity at McGrath RentCorp

In other news, CEO Joseph F. Hanna sold 5,567 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $108.89, for a total transaction of $606,190.63. Following the transaction, the chief executive officer now directly owns 176,897 shares of the company's stock, valued at $19,262,314.33. This represents a 3.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP John P. Skenesky sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $111.32, for a total value of $278,300.00. Following the completion of the sale, the vice president now owns 8,692 shares in the company, valued at approximately $967,593.44. This represents a 22.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 12,871 shares of company stock worth $1,382,041 over the last 90 days. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On McGrath RentCorp

A number of institutional investors and hedge funds have recently modified their holdings of MGRC. BNP Paribas Financial Markets raised its position in shares of McGrath RentCorp by 29.8% during the 4th quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock worth $1,834,000 after purchasing an additional 3,767 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of McGrath RentCorp by 1,487.6% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock worth $312,000 after purchasing an additional 2,648 shares during the last quarter. Asset Management One Co. Ltd. acquired a new position in shares of McGrath RentCorp during the 4th quarter worth approximately $3,833,000. Nuveen Asset Management LLC raised its position in shares of McGrath RentCorp by 11.6% during the 4th quarter. Nuveen Asset Management LLC now owns 97,441 shares of the financial services provider's stock worth $10,896,000 after purchasing an additional 10,107 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of McGrath RentCorp by 2.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock worth $32,819,000 after purchasing an additional 6,238 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

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.