McGrath RentCorp (MGRC) Reaches New 1-Year High at $55.11
McGrath RentCorp (NASDAQ:MGRC)’s share price hit a new 52-week high on Wednesday . The company traded as high as $55.11 and last traded at $55.11, with a volume of 137576 shares. The stock had previously closed at $53.81.
A number of brokerages recently weighed in on MGRC. BidaskClub raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday, December 21st. ValuEngine downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Zacks Investment Research downgraded shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 3rd.
The stock has a market capitalization of $1,294.23, a price-to-earnings ratio of 8.66, a price-to-earnings-growth ratio of 1.99 and a beta of 0.90.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Monday, April 16th will be issued a dividend of $0.34 per share. The ex-dividend date of this dividend is Friday, April 13th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.26. This represents a $1.36 annualized dividend and a yield of 2.49%. McGrath RentCorp’s dividend payout ratio is 16.46%.
In other McGrath RentCorp news, Director Ronald H. Zech sold 1,947 shares of the company’s stock in a transaction dated Tuesday, March 6th. The shares were sold at an average price of $50.44, for a total transaction of $98,206.68. Following the sale, the director now directly owns 37,989 shares of the company’s stock, valued at $1,916,165.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Philip B. Hawkins sold 5,990 shares of the company’s stock in a transaction dated Monday, March 5th. The shares were sold at an average price of $49.54, for a total transaction of $296,744.60. Following the sale, the vice president now directly owns 7,390 shares in the company, valued at $366,100.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,390 shares of company stock worth $1,089,232. Insiders own 4.60% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Macquarie Group Ltd. purchased a new stake in McGrath RentCorp during the third quarter valued at about $121,000. SG Americas Securities LLC purchased a new stake in McGrath RentCorp during the third quarter valued at about $142,000. Cubist Systematic Strategies LLC purchased a new stake in McGrath RentCorp during the third quarter valued at about $233,000. Two Sigma Investments LP purchased a new stake in McGrath RentCorp during the fourth quarter valued at about $242,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in McGrath RentCorp during the third quarter valued at about $297,000. 84.07% of the stock is currently owned by institutional investors and hedge funds.
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McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through 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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