McGrath RentCorp (NASDAQ:MGRC) Stock Price Crosses Above 200 Day Moving Average - Here's Why

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $114.43 and traded as high as $119.71. McGrath RentCorp shares last traded at $118.46, with a volume of 146,078 shares.

Analysts Set New Price Targets

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

McGrath RentCorp Stock Performance

The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 12.41, a P/E/G ratio of 1.24 and a beta of 0.66. The firm's 50 day simple moving average is $114.32 and its 200-day simple moving average is $114.43.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a net margin of 25.81% and a return on equity of 13.57%. McGrath RentCorp's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.93 earnings per share. As a group, equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Thursday, July 17th will be issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Thursday, July 17th. McGrath RentCorp's dividend payout ratio (DPR) is 20.10%.

Insider Activity at McGrath RentCorp

In related news, insider Trease Kristina Van sold 2,221 shares of the stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $114.21, for a total value of $253,660.41. Following the completion of the sale, the insider owned 6,694 shares in the company, valued at approximately $764,521.74. This trade represents a 24.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Philip B. Hawkins sold 4,804 shares of the stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $103.57, for a total transaction of $497,550.28. Following the completion of the transaction, the chief operating officer directly owned 3,150 shares of the company's stock, valued at $326,245.50. This trade represents a 60.40% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,313 shares of company stock valued at $2,005,372. 1.40% of the stock is owned by corporate insiders.

Institutional Trading of McGrath RentCorp

Several hedge funds have recently modified their holdings of MGRC. BNP Paribas Financial Markets boosted its position in shares of McGrath RentCorp by 29.8% during the fourth 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 in the last quarter. Ameriprise Financial Inc. boosted its holdings in McGrath RentCorp by 35.8% in the 4th quarter. Ameriprise Financial Inc. now owns 12,403 shares of the financial services provider's stock valued at $1,387,000 after purchasing an additional 3,272 shares during the period. Nuveen Asset Management LLC lifted its holdings 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 acquiring an additional 10,107 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in McGrath RentCorp by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock valued at $32,819,000 after purchasing an additional 6,238 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in McGrath RentCorp by 32.3% in the 1st quarter. Asset Management One Co. Ltd. now owns 45,772 shares of the financial services provider's stock valued at $5,099,000 after acquiring an additional 11,172 shares during the period. 92.05% of the stock is owned by institutional investors.

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.