McGrath RentCorp (NASDAQ:MGRC) Sees Significant Drop in Short Interest

McGrath RentCorp (NASDAQ:MGRC) was the recipient of a large decrease in short interest in February. As of February 15th, there was short interest totalling 437,000 shares, a decrease of 17.8% from the January 31st total of 531,500 shares. Based on an average daily trading volume, of 138,700 shares, the days-to-cover ratio is presently 3.2 days.

McGrath RentCorp Price Performance

Shares of NASDAQ:MGRC traded down $1.51 during trading hours on Wednesday, hitting $114.52. The company’s stock had a trading volume of 24,254 shares, compared to its average volume of 144,904. The firm’s fifty day moving average price is $119.09 and its 200 day moving average price is $114.28. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $129.93. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.35 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. McGrath RentCorp had a return on equity of 13.68% and a net margin of 25.44%. The company had revenue of $243.75 million for the quarter, compared to the consensus estimate of $246.93 million. On average, equities research analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be given a $0.485 dividend. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 dividend on an annualized basis and a dividend yield of 1.69%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.48. McGrath RentCorp’s payout ratio is presently 20.57%.

Insider Activity

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 transaction of $111,915.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at approximately $935,175. The trade was a 11.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On McGrath RentCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Polar Asset Management Partners Inc. acquired a new position in shares of McGrath RentCorp during the fourth quarter worth $3,657,000. Mackenzie Financial Corp purchased a new position in McGrath RentCorp during the 4th quarter worth $400,000. Forum Financial Management LP increased its position in McGrath RentCorp by 11.2% during the 4th quarter. Forum Financial Management LP now owns 2,142 shares of the financial services provider’s stock valued at $240,000 after buying an additional 216 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in McGrath RentCorp by 13.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 73,289 shares of the financial services provider’s stock valued at $8,195,000 after buying an additional 8,500 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its holdings in McGrath RentCorp by 24.2% in the fourth quarter. Squarepoint Ops LLC now owns 14,624 shares of the financial services provider’s stock worth $1,635,000 after acquiring an additional 2,851 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

Wall Street Analysts Forecast Growth

MGRC has been the topic of a number of research reports. StockNews.com raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, February 28th. Oppenheimer upped their target price on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a report on Friday, November 22nd. Finally, CJS Securities assumed coverage on McGrath RentCorp in a research report on Wednesday, December 11th. They set an “outperform” rating and a $152.00 price target on the 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.