Joseph Hanna Sells 7,500 Shares of McGrath RentCorp (NASDAQ:MGRC) Stock

McGrath RentCorp (NASDAQ:MGRC) Director Joseph Hanna sold 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $120.64, for a total value of $904,800.00. Following the completion of the sale, the director owned 151,549 shares of the company’s stock, valued at $18,282,871.36. The trade was a 4.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

McGrath RentCorp Stock Performance

Shares of McGrath RentCorp stock opened at $117.91 on Friday. McGrath RentCorp has a 52-week low of $94.99 and a 52-week high of $128.41. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 18.72, a P/E/G ratio of 1.20 and a beta of 0.43. The company’s 50 day moving average price is $114.32 and its 200-day moving average price is $112.03.

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

McGrath RentCorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be given a $0.495 dividend. The ex-dividend date is Friday, July 17th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 1.7%. McGrath RentCorp’s payout ratio is presently 31.43%.

Hedge Funds Weigh In On McGrath RentCorp

Several hedge funds have recently made changes to their positions in the business. River Road Asset Management LLC lifted its stake in McGrath RentCorp by 3.1% in the fourth quarter. River Road Asset Management LLC now owns 2,131,121 shares of the financial services provider’s stock worth $223,619,000 after acquiring an additional 64,566 shares during the period. Eminence Capital LP increased its position in McGrath RentCorp by 0.5% during the 4th quarter. Eminence Capital LP now owns 949,673 shares of the financial services provider’s stock valued at $99,649,000 after purchasing an additional 4,701 shares during the period. Dimensional Fund Advisors LP increased its position in McGrath RentCorp by 5.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 906,954 shares of the financial services provider’s stock valued at $100,019,000 after purchasing an additional 47,451 shares during the period. Victory Capital Management Inc. raised its holdings in McGrath RentCorp by 0.7% in the 4th quarter. Victory Capital Management Inc. now owns 900,181 shares of the financial services provider’s stock worth $94,456,000 after purchasing an additional 6,552 shares in the last quarter. Finally, Channing Capital Management LLC raised its holdings in McGrath RentCorp by 39.1% in the 4th quarter. Channing Capital Management LLC now owns 836,894 shares of the financial services provider’s stock worth $87,815,000 after purchasing an additional 235,311 shares in the last quarter. 92.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings lowered shares of McGrath RentCorp from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $141.50.

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.