McGrath RentCorp (NASDAQ:MGRC) Sets New 52-Week Low After Insider Selling

McGrath RentCorp (NASDAQ:MGRC)’s stock price reached a new 52-week low on Wednesday after an insider sold shares in the company. The stock traded as low as $104.60 and last traded at $106.67, with a volume of 168807 shares trading hands. The stock had previously closed at $107.56.

Specifically, COO Philip B. Hawkins sold 4,804 shares of McGrath RentCorp stock in a transaction on Monday, April 28th. The shares were sold at an average price of $103.57, for a total transaction of $497,550.28. Following the sale, the chief operating officer now owns 3,150 shares of the company’s stock, valued at $326,245.50. The trade was a 60.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

Separately, StockNews.com upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, April 25th.

McGrath RentCorp Stock Performance

The company has a market capitalization of $2.64 billion, a PE ratio of 11.39, a PEG ratio of 1.35 and a beta of 0.62. The company has a 50 day moving average price of $110.58 and a 200 day moving average price of $115.19.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.13. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The company had revenue of $195.42 million during the quarter, compared to analyst estimates of $189.03 million. During the same period last year, the business earned $0.93 EPS. The firm’s revenue for the quarter was up 4.0% compared to the same quarter last year. On average, equities analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th were issued a dividend of $0.485 per share. This represents a $1.94 dividend on an annualized basis and a yield of 1.81%. The ex-dividend date of this dividend was Wednesday, April 16th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s dividend payout ratio (DPR) is currently 20.10%.

Institutional Investors Weigh In On McGrath RentCorp

A number of institutional investors have recently made changes to their positions in the company. Eminence Capital LP bought a new stake in McGrath RentCorp during the fourth quarter valued at $83,898,000. River Road Asset Management LLC grew its position in shares of McGrath RentCorp by 52.1% during the 4th quarter. River Road Asset Management LLC now owns 1,896,943 shares of the financial services provider’s stock valued at $212,116,000 after buying an additional 649,567 shares during the last quarter. Franklin Resources Inc. raised its stake in McGrath RentCorp by 57.3% during the third quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock worth $119,456,000 after acquiring an additional 404,884 shares during the period. Raymond James Financial Inc. acquired a new stake in McGrath RentCorp during the fourth quarter worth about $13,179,000. Finally, Neumeier Poma Investment Counsel LLC lifted its holdings in McGrath RentCorp by 127.1% in the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 204,806 shares of the financial services provider’s stock worth $22,901,000 after acquiring an additional 114,626 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors.

About McGrath RentCorp

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.