Joseph Hanna Sells 530 Shares of McGrath RentCorp (NASDAQ:MGRC) Stock

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 530 shares of McGrath RentCorp stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $112.00, for a total transaction of $59,360.00. Following the transaction, the director directly owned 159,049 shares of the company’s stock, valued at $17,813,488. The trade was a 0.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $113.06 on Thursday. The firm has a 50-day moving average price of $110.81 and a 200-day moving average price of $109.80. The firm has a market capitalization of $2.78 billion, a PE ratio of 17.95, a price-to-earnings-growth ratio of 1.15 and a beta of 0.45. McGrath RentCorp has a 12-month low of $94.99 and a 12-month high of $128.41.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Wednesday, April 29th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.13 by ($0.03). The firm had revenue of $198.54 million during the quarter, compared to the consensus estimate of $198.19 million. McGrath RentCorp had a return on equity of 12.84% and a net margin of 16.38%. As a group, sell-side analysts predict that McGrath RentCorp will post 6.35 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Thursday, April 16th were issued a $0.495 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.49. The ex-dividend date was Thursday, April 16th. This represents a $1.98 annualized dividend and a dividend yield of 1.8%. McGrath RentCorp’s dividend payout ratio (DPR) is 31.43%.

Analyst Ratings Changes

Several research firms have recently issued reports on MGRC. Barclays began coverage on shares of McGrath RentCorp in a report on Wednesday, February 11th. They issued an “overweight” rating and a $140.00 target price for the company. Weiss Ratings restated a “hold (c+)” rating on shares of McGrath RentCorp in a report on Friday, April 24th. Finally, Zacks Research upgraded shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a report on Thursday, January 15th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $141.50.

Institutional Trading of McGrath RentCorp

Several hedge funds have recently modified their holdings of the company. Fifth Third Bancorp purchased a new stake in shares of McGrath RentCorp during the first quarter valued at about $6,990,000. Hudson Edge Investment Partners Inc. lifted its position in shares of McGrath RentCorp by 125.4% during the first quarter. Hudson Edge Investment Partners Inc. now owns 7,713 shares of the financial services provider’s stock valued at $851,000 after buying an additional 4,291 shares during the last quarter. Inspire Investing LLC lifted its position in shares of McGrath RentCorp by 4.4% during the first quarter. Inspire Investing LLC now owns 4,652 shares of the financial services provider’s stock valued at $513,000 after buying an additional 198 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of McGrath RentCorp by 13.2% during the first quarter. Pictet Asset Management Holding SA now owns 4,075 shares of the financial services provider’s stock valued at $449,000 after buying an additional 476 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of McGrath RentCorp by 29.8% during the first quarter. SG Americas Securities LLC now owns 40,648 shares of the financial services provider’s stock valued at $4,483,000 after buying an additional 9,340 shares during the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

About McGrath RentCorp

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.