McGrath RentCorp (NASDAQ:MGRC) Hits New 12-Month High – Here’s What Happened

McGrath RentCorp (NASDAQ:MGRC)’s share price hit a new 52-week high during mid-day trading on Monday. The stock traded as high as $127.09 and last traded at $128.8970, with a volume of 87,485 shares. The stock had previously closed at $118.28.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “hold (c+)” rating on shares of McGrath RentCorp in a research report on Monday, October 26th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $140.00.

McGrath RentCorp Trading Up 2.7%

The business has a 50 day moving average of $114.33 and a 200-day moving average of $114.20. The stock has a market cap of $3.24 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 1.31 and a beta of 0.48.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Wednesday, October 28th. The financial services provider reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.11. McGrath RentCorp had a net margin of 16.75% and a return on equity of 12.75%. The business had revenue of $274.61 million during the quarter, compared to the consensus estimate of $273.25 million. On average, equities research analysts anticipate that McGrath RentCorp will post 6.38 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 16th were issued a $0.4950 dividend. This represents a $1.98 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, October 16th. McGrath RentCorp’s payout ratio is currently 30.51%.

Insider Activity

In other news, VP John P. Skenesky sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $120.41, for a total transaction of $240,820.00. Following the sale, the vice president directly owned 10,634 shares in the company, valued at approximately $1,280,439.94. This represents a 15.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph F. Hanna sold 7,500 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $115.04, for a total value of $862,800.00. Following the completion of the sale, the director directly owned 144,049 shares in the company, valued at $16,571,396.96. This represents a 4.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 13,935 shares of company stock worth $1,639,856. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company bought a new position in McGrath RentCorp in the 2nd quarter worth approximately $1,548,000. Corient Private Wealth LP acquired a new position in McGrath RentCorp during the 2nd quarter worth $1,370,000. Algert Global LLC lifted its holdings in McGrath RentCorp by 11.0% during the 2nd quarter. Algert Global LLC now owns 59,827 shares of the financial services provider’s stock worth $7,241,000 after buying an additional 5,910 shares in the last quarter. Jupiter Topco LLC bought a new position in McGrath RentCorp in the 2nd quarter valued at $1,369,000. Finally, William Blair Investment Management LLC bought a new position in McGrath RentCorp in the 2nd quarter valued at $22,833,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

About McGrath RentCorp

McGrath RentCorp was a business-to-business rental company that provided modular buildings, portable storage, electronic test equipment and related products. Its modular building offerings served customers needing temporary or permanent space, including classrooms, offices, healthcare facilities and other commercial or institutional applications.

Through brands such as Mobile Modular, the company rented relocatable buildings and portable storage units, while its TRS-RenTelco business provided electronic test and measurement equipment to telecommunications, electronics, aerospace, defense and other industrial customers.