McGrath RentCorp (NASDAQ:MGRC) declared a quarterly dividend on Thursday, September 22nd. Stockholders of record on Monday, October 17th will be paid a dividend of 0.255 per share on Monday, October 31st. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Thursday, October 13th.
McGrath RentCorp (NASDAQ:MGRC) opened at 31.73 on Friday. McGrath RentCorp has a 12 month low of $21.46 and a 12 month high of $33.35. The stock’s 50 day moving average is $31.81 and its 200-day moving average is $29.16. The firm has a market cap of $758.57 million, a price-to-earnings ratio of 18.89 and a beta of 1.05.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, August 2nd. The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. The business earned $103.10 million during the quarter, compared to the consensus estimate of $98.58 million. McGrath RentCorp had a net margin of 11.96% and a return on equity of 12.96%. The firm’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.32 earnings per share. On average, analysts anticipate that McGrath RentCorp will post $1.62 earnings per share for the current fiscal year.
MGRC has been the subject of a number of analyst reports. Sidoti raised their target price on shares of McGrath RentCorp from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 14th. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Friday, August 5th. Finally, TheStreet raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, June 10th.
In other news, CEO Dennis C. Kakures sold 36,777 shares of McGrath RentCorp stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $32.60, for a total value of $1,198,930.20. Following the completion of the transaction, the chief executive officer now owns 314,224 shares of the company’s stock, valued at approximately $10,243,702.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Dennis C. Kakures sold 16,248 shares of McGrath RentCorp stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $32.63, for a total transaction of $530,172.24. Following the completion of the transaction, the chief executive officer now directly owns 314,224 shares of the company’s stock, valued at approximately $10,253,129.12. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. ProShare Advisors LLC increased its position in shares of McGrath RentCorp by 154.1% in the second quarter. ProShare Advisors LLC now owns 63,687 shares of the company’s stock worth $1,948,000 after buying an additional 38,628 shares during the period. Citadel Advisors LLC bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $923,000. AQR Capital Management LLC bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $479,000. Guggenheim Capital LLC bought a new stake in shares of McGrath RentCorp during the second quarter valued at approximately $451,000. Finally, Allianz Asset Management AG increased its stake in shares of McGrath RentCorp by 1.5% in the second quarter. Allianz Asset Management AG now owns 701,176 shares of the company’s stock valued at $21,449,000 after buying an additional 10,375 shares during the last quarter. 81.61% of the stock is owned by institutional investors.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company with four rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The Company operates in four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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