McGrath RentCorp (NASDAQ:MGRC) saw a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 452,600 shares, a drop of 6.4% from the May 30th total of 483,300 shares. Approximately 1.9% of the shares of the company are sold short. Based on an average daily volume of 108,900 shares, the days-to-cover ratio is currently 4.2 days.
McGrath RentCorp stock opened at $65.14 on Friday. McGrath RentCorp has a 1-year low of $45.85 and a 1-year high of $65.48. The stock has a market capitalization of $1.58 billion, a P/E ratio of 20.81, a PEG ratio of 1.92 and a beta of 0.80. The company has a 50 day simple moving average of $60.12.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.13. McGrath RentCorp had a return on equity of 14.86% and a net margin of 16.18%. The firm had revenue of $122.00 million for the quarter, compared to the consensus estimate of $113.87 million. During the same period in the previous year, the business earned $0.59 earnings per share. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. As a group, research analysts predict that McGrath RentCorp will post 3.4 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 17th will be paid a $0.375 dividend. The ex-dividend date of this dividend is Tuesday, July 16th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.30%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 47.92%.
MGRC has been the topic of several analyst reports. BidaskClub upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, June 20th. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a research note on Wednesday, July 3rd.
In other McGrath RentCorp news, VP Keith E. Pratt sold 512 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $62.03, for a total value of $31,759.36. Following the transaction, the vice president now directly owns 27,494 shares in the company, valued at approximately $1,705,452.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith E. Pratt sold 962 shares of McGrath RentCorp stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $64.20, for a total value of $61,760.40. Following the completion of the transaction, the chief financial officer now owns 26,563 shares in the company, valued at $1,705,344.60. The disclosure for this sale can be found here. Insiders sold a total of 6,575 shares of company stock worth $416,974 over the last quarter. Company insiders own 2.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $21,208,000. RK Capital Management LLC boosted its stake in shares of McGrath RentCorp by 17.3% in the first quarter. RK Capital Management LLC now owns 309,699 shares of the financial services provider’s stock valued at $17,520,000 after buying an additional 45,603 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of McGrath RentCorp by 9.8% in the fourth quarter. Geode Capital Management LLC now owns 277,518 shares of the financial services provider’s stock valued at $14,286,000 after buying an additional 24,826 shares in the last quarter. Royce & Associates LP boosted its stake in shares of McGrath RentCorp by 0.4% in the first quarter. Royce & Associates LP now owns 262,724 shares of the financial services provider’s stock valued at $14,862,000 after buying an additional 1,093 shares in the last quarter. Finally, SG Capital Management LLC boosted its stake in shares of McGrath RentCorp by 45.4% in the first quarter. SG Capital Management LLC now owns 230,366 shares of the financial services provider’s stock valued at $13,032,000 after buying an additional 71,960 shares in the last quarter. Hedge funds and other institutional investors own 83.97% 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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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