McGrath RentCorp (NASDAQ:MGRC) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

McGrath RentCorp (NASDAQ:MGRC) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $110.13 and traded as high as $112.56. McGrath RentCorp shares last traded at $110.31, with a volume of 85,826 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MGRC shares. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. CJS Securities started coverage on McGrath RentCorp in a report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price objective for the company. Finally, Oppenheimer boosted their target price on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd.

McGrath RentCorp Stock Up 0.8 %

The stock has a market cap of $2.73 billion, a P/E ratio of 12.15, a PEG ratio of 1.66 and a beta of 0.75. The business has a 50-day simple moving average of $117.46 and a 200-day simple moving average of $110.17.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The firm had revenue of $266.76 million for the quarter, compared to analysts’ expectations of $227.76 million. During the same period in the prior year, the business posted $1.65 earnings per share. The business’s revenue was up 9.5% compared to the same quarter last year. On average, analysts predict that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Friday, January 17th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Friday, January 17th. McGrath RentCorp’s dividend payout ratio is currently 20.77%.

Insider Transactions at McGrath RentCorp

In other news, VP David M. Whitney sold 5,176 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the sale, the vice president now directly owns 205 shares of the company’s stock, valued at approximately $23,985. This represents a 96.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total transaction of $114,620.00. Following the completion of the sale, the director now owns 7,500 shares of the company’s stock, valued at $859,650. This represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 47,935 shares of company stock worth $5,605,327. 1.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. KBC Group NV boosted its holdings in shares of McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after buying an additional 188 shares during the last quarter. Covestor Ltd grew its position in shares of McGrath RentCorp by 15.8% in the third quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 161 shares in the last quarter. Millburn Ridgefield Corp bought a new stake in shares of McGrath RentCorp during the third quarter valued at about $203,000. Wealth Enhancement Advisory Services LLC increased its holdings in McGrath RentCorp by 5.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 104 shares during the period. Finally, Point72 DIFC Ltd purchased a new stake in shares of McGrath RentCorp in the third quarter worth $238,000. 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.