David Whitney Sells 539 Shares of McGrath RentCorp (NASDAQ:MGRC) Stock

McGrath RentCorp (NASDAQ:MGRC) CAO David Whitney sold 539 shares of the firm’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $115.00, for a total transaction of $61,985.00. Following the sale, the chief accounting officer directly owned 10,316 shares in the company, valued at $1,186,340. This represents a 4.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

McGrath RentCorp Price Performance

MGRC traded down $2.84 during trading on Tuesday, hitting $109.92. The company’s stock had a trading volume of 149,551 shares, compared to its average volume of 182,742. The firm’s 50 day moving average price is $111.12 and its 200-day moving average price is $109.56. The stock has a market cap of $2.70 billion, a PE ratio of 17.45, a PEG ratio of 1.13 and a beta of 0.45. McGrath RentCorp has a twelve month low of $94.99 and a twelve month high of $128.41.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share for the quarter, missing the consensus estimate of $1.13 by ($0.03). The business had revenue of $198.54 million during the quarter, compared to analyst estimates of $198.19 million. McGrath RentCorp had a net margin of 16.38% and a return on equity of 12.84%. Equities analysts anticipate that McGrath RentCorp will post 6.35 earnings per share for the current year.

McGrath RentCorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Shareholders of record on Thursday, April 16th were paid a $0.495 dividend. This represents a $1.98 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 16th. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.49. McGrath RentCorp’s dividend payout ratio is 31.43%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MGRC shares. Barclays assumed coverage on McGrath RentCorp in a research note on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 price target on the stock. Weiss Ratings lowered shares of McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.50.

Institutional Trading of McGrath RentCorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. increased its position in McGrath RentCorp by 112.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 44,953 shares of the financial services provider’s stock worth $5,273,000 after purchasing an additional 23,817 shares in the last quarter. Ranger Investment Management L.P. acquired a new stake in shares of McGrath RentCorp during the third quarter valued at about $2,970,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of McGrath RentCorp during the third quarter valued at about $6,866,000. Channing Capital Management LLC grew its stake in shares of McGrath RentCorp by 19.8% during the third quarter. Channing Capital Management LLC now owns 601,583 shares of the financial services provider’s stock valued at $70,566,000 after acquiring an additional 99,626 shares in the last quarter. Finally, Jackson Creek Investment Advisors LLC acquired a new stake in shares of McGrath RentCorp during the third quarter valued at about $1,246,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Company Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.