McGrath RentCorp (NASDAQ:MGRC) Stock Price Passes Above 200-Day Moving Average – What’s Next?

McGrath RentCorp (NASDAQ:MGRC)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $110.13 and traded as high as $112.56. McGrath RentCorp shares last traded at $110.31, with a volume of 85,826 shares.

Wall Street Analysts Forecast Growth

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

McGrath RentCorp Stock Up 0.8 %

The stock’s 50 day moving average price is $117.46 and its two-hundred day moving average price is $110.17. The stock has a market cap of $2.73 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.66 and a beta of 0.75.

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

McGrath RentCorp Announces Dividend

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 $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date is Friday, January 17th. McGrath RentCorp’s dividend payout ratio is presently 20.77%.

Insider Buying and Selling

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the transaction, the vice president now owns 205 shares of the company’s stock, valued at $23,985. This trade represents a 96.19 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,935 shares of company stock worth $5,605,327. 1.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MGRC. River Road Asset Management LLC lifted its position in McGrath RentCorp by 68.2% during the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock worth $131,324,000 after acquiring an additional 505,817 shares during the period. Franklin Resources Inc. boosted its stake in shares of McGrath RentCorp by 57.3% during the 3rd 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 in the last quarter. Walleye Capital LLC purchased a new stake in McGrath RentCorp during the third quarter worth $15,967,000. Clearline Capital LP acquired a new stake in McGrath RentCorp in the 3rd quarter valued at about $11,976,000. Finally, FMR LLC grew its position in shares of McGrath RentCorp by 3,120.0% in the third quarter. FMR LLC now owns 116,791 shares of the financial services provider’s stock valued at $12,296,000 after purchasing an additional 113,164 shares during the last quarter. Hedge funds and other 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.