McGrath RentCorp (NASDAQ:MGRC) Sees Large Decline in Short Interest

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 1,850,000 shares, a drop of 18.1% from the March 15th total of 2,260,000 shares. Based on an average trading volume of 347,000 shares, the short-interest ratio is presently 5.3 days. Approximately 7.7% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on McGrath RentCorp in a research report on Friday. They set a "hold" rating on the stock.

McGrath RentCorp Trading Down 0.6 %

NASDAQ:MGRC traded down $0.68 during trading hours on Friday, reaching $115.00. 126,521 shares of the company traded hands, compared to its average volume of 254,910. The business's 50-day moving average price is $123.43 and its two-hundred day moving average price is $112.66. The stock has a market capitalization of $2.82 billion, a P/E ratio of 16.15, a P/E/G ratio of 1.64 and a beta of 0.80. McGrath RentCorp has a 1 year low of $85.97 and a 1 year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Wednesday, February 21st. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.37 by ($0.07). The company had revenue of $221.59 million for the quarter, compared to analysts' expectations of $214.43 million. McGrath RentCorp had a net margin of 20.99% and a return on equity of 13.63%. As a group, equities analysts anticipate that McGrath RentCorp will post 5.42 EPS for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Tuesday, April 16th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Monday, April 15th. This represents a $1.90 annualized dividend and a dividend yield of 1.65%. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.47. McGrath RentCorp's payout ratio is currently 26.12%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MGRC. Dark Forest Capital Management LP raised its stake in shares of McGrath RentCorp by 210.0% in the first quarter. Dark Forest Capital Management LP now owns 310 shares of the financial services provider's stock worth $29,000 after purchasing an additional 210 shares during the last quarter. KBC Group NV bought a new stake in McGrath RentCorp during the fourth quarter valued at about $33,000. Adirondack Trust Co. bought a new stake in McGrath RentCorp during the third quarter valued at about $50,000. Lazard Asset Management LLC bought a new stake in McGrath RentCorp during the first quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC grew its holdings in McGrath RentCorp by 211.3% during the first quarter. Tower Research Capital LLC TRC now owns 607 shares of the financial services provider's stock valued at $57,000 after purchasing an additional 412 shares during the period. Hedge funds and other institutional investors own 92.05% of the company's stock.

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.