McGrath RentCorp (NASDAQ:MGRC) Stock Crosses Above Two Hundred Day Moving Average – What’s Next?

McGrath RentCorp (NASDAQ:MGRC) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $110.52 and traded as high as $116.21. McGrath RentCorp shares last traded at $114.72, with a volume of 110,015 shares traded.

Analysts Set New Price Targets

MGRC has been the subject of several research analyst reports. Oppenheimer increased their target price on McGrath RentCorp from $124.00 to $139.00 and gave the company an “outperform” rating in a research note on Friday, November 22nd. CJS Securities assumed coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price objective on the stock. Finally, StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

McGrath RentCorp Price Performance

The company has a market cap of $2.82 billion, a P/E ratio of 12.54, a PEG ratio of 1.66 and a beta of 0.77. The company has a fifty day simple moving average of $116.95 and a 200-day simple moving average of $110.52.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 earnings per share. On average, analysts anticipate that McGrath RentCorp will post 5.5 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date of this dividend is Friday, January 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, VP David M. Whitney sold 5,176 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was 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 in the company, valued at $23,985. This represents a 96.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William J. Dawson sold 20,000 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the sale, the director now owns 4,000 shares of the company’s stock, valued at $460,000. This trade represents a 83.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 47,935 shares of company stock valued at $5,605,327. Insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On McGrath RentCorp

Several institutional investors have recently bought and sold shares of the business. Virtu Financial LLC boosted its stake in shares of McGrath RentCorp by 21.3% in the 2nd quarter. Virtu Financial LLC now owns 32,944 shares of the financial services provider’s stock valued at $3,510,000 after purchasing an additional 5,792 shares during the last quarter. Sei Investments Co. lifted its position in McGrath RentCorp by 4.1% in the 2nd quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock valued at $496,000 after acquiring an additional 183 shares in the last quarter. Gabelli Funds LLC raised its position in McGrath RentCorp by 17.7% in the 2nd quarter. Gabelli Funds LLC now owns 70,258 shares of the financial services provider’s stock valued at $7,486,000 after buying an additional 10,588 shares during the last quarter. Bank of Montreal Can grew its position in McGrath RentCorp by 802.5% in the second quarter. Bank of Montreal Can now owns 30,866 shares of the financial services provider’s stock valued at $3,349,000 after purchasing an additional 27,446 shares in the last quarter. Finally, Murchinson Ltd. acquired a new stake in shares of McGrath RentCorp in the second quarter valued at about $4,666,000. Institutional investors own 92.05% of the company’s stock.

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.