McGrath RentCorp (NASDAQ:MGRC) Short Interest Update

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) was the recipient of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 594,400 shares, a growth of 22.4% from the April 30th total of 485,600 shares. Approximately 2.5% of the shares of the company are short sold. Based on an average daily trading volume, of 148,200 shares, the days-to-cover ratio is currently 4.0 days.

McGrath RentCorp Trading Down 0.1%

Shares of McGrath RentCorp stock traded down $0.16 during midday trading on Thursday, reaching $113.83. The company had a trading volume of 37,256 shares, compared to its average volume of 182,644. The stock has a fifty day simple moving average of $109.35 and a 200 day simple moving average of $115.02. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $129.93. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 12.07, 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 earnings results on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, beating the consensus estimate of $1.02 by $0.13. The company had revenue of $195.42 million during the quarter, compared to analysts' expectations of $189.03 million. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The business's revenue for the quarter was up 4.0% on a year-over-year basis. During the same period last year, the firm earned $0.93 EPS. Sell-side analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Thursday, July 17th will be paid a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.70%. McGrath RentCorp's dividend payout ratio (DPR) is 20.10%.

Insider Buying and Selling at McGrath RentCorp

In other news, VP John P. Skenesky sold 2,500 shares of the 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 transaction, the vice president now directly owns 8,692 shares of the company's stock, valued at approximately $967,593.44. This represents a 22.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Philip B. Hawkins sold 4,804 shares of the company's 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 sale, the chief operating officer now directly owns 3,150 shares in the company, valued at approximately $326,245.50. The trade was a 60.40% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,871 shares of company stock valued at $1,382,041 in the last 90 days. 1.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On McGrath RentCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of MGRC. O Shaughnessy Asset Management LLC boosted its position in shares of McGrath RentCorp by 3.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 2,602 shares of the financial services provider's stock worth $291,000 after purchasing an additional 86 shares during the last quarter. Hsbc Holdings PLC lifted its stake in McGrath RentCorp by 3.9% in the first quarter. Hsbc Holdings PLC now owns 4,117 shares of the financial services provider's stock valued at $460,000 after buying an additional 153 shares during the period. Summit Investment Advisors Inc. boosted its holdings in McGrath RentCorp by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,553 shares of the financial services provider's stock worth $285,000 after buying an additional 162 shares during the last quarter. Nisa Investment Advisors LLC boosted its holdings in McGrath RentCorp by 9.1% during the first quarter. Nisa Investment Advisors LLC now owns 2,093 shares of the financial services provider's stock worth $233,000 after buying an additional 174 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of McGrath RentCorp by 1.8% during the 4th quarter. Sei Investments Co. now owns 10,575 shares of the financial services provider's stock worth $1,182,000 after buying an additional 184 shares during the period. 92.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

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.