McGrath RentCorp (NASDAQ:MGRC) Sees Unusually-High Trading Volume

McGrath RentCorp (NASDAQ:MGRC) shares saw unusually-high trading volume on Thursday . Approximately 185,458 shares changed hands during trading, a decline of 16% from the previous session’s volume of 221,022 shares.The stock last traded at $99.93 and had previously closed at $98.99.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Thursday.

McGrath RentCorp Stock Performance

The stock’s 50-day moving average price is $105.98 and its 200-day moving average price is $109.85. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 19.36, a P/E/G ratio of 1.46 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.41). McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The company had revenue of $212.60 million for the quarter, compared to analyst estimates of $210.23 million. During the same quarter in the prior year, the firm earned $1.14 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts anticipate that McGrath RentCorp will post 5.45 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be given a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.91%. McGrath RentCorp’s dividend payout ratio is currently 37.04%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Allianz Asset Management GmbH raised its position in shares of McGrath RentCorp by 0.4% during the 4th quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock worth $2,987,000 after purchasing an additional 90 shares during the last quarter. Sei Investments Co. raised its holdings in McGrath RentCorp by 2.9% in the 1st quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock valued at $552,000 after acquiring an additional 126 shares during the last quarter. Arizona State Retirement System raised its holdings in McGrath RentCorp by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 141 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in McGrath RentCorp by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after acquiring an additional 185 shares during the last quarter. Finally, Cim LLC raised its holdings in McGrath RentCorp by 4.6% in the 2nd quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after acquiring an additional 205 shares during the last quarter. 92.05% of the stock is currently owned by institutional investors and hedge funds.

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.