McGrath RentCorp (NASDAQ:MGRC) Sets New 12-Month High Following Better-Than-Expected Earnings

McGrath RentCorp (NASDAQ:MGRC - Get Free Report)'s share price reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $129.56 and last traded at $126.98, with a volume of 86476 shares changing hands. The stock had previously closed at $123.85.

The financial services provider reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.08. The company had revenue of $243.75 million during the quarter, compared to analyst estimates of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 14.12%.

McGrath RentCorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Wednesday, April 16th will be issued a $0.485 dividend. This is an increase from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.53%. McGrath RentCorp's dividend payout ratio (DPR) is 20.15%.

Analyst Ratings Changes

Several equities analysts have recently commented on MGRC shares. Oppenheimer upped their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a research report on Friday, November 22nd. StockNews.com cut shares of McGrath RentCorp from a "buy" rating to a "hold" rating in a research report on Thursday. Finally, CJS Securities assumed coverage on McGrath RentCorp in a report on Wednesday, December 11th. They set an "outperform" rating and a $152.00 price target on the stock.

Insider Activity at McGrath RentCorp

In related news, VP Gilda Malek sold 919 shares of the business's stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $121.78, for a total value of $111,915.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.60% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Atala Financial Inc bought a new stake in shares of McGrath RentCorp during the 4th quarter worth $31,000. New Age Alpha Advisors LLC acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $33,000. KBC Group NV boosted its position in shares of McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 188 shares during the period. Canada Pension Plan Investment Board purchased a new position in McGrath RentCorp in the 4th quarter worth about $89,000. Finally, Covestor Ltd raised its holdings in McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock worth $125,000 after buying an additional 161 shares during the period. Institutional investors and hedge funds own 92.05% of the company's stock.

McGrath RentCorp Stock Down 1.4 %

The business's 50 day simple moving average is $117.76 and its 200 day simple moving average is $112.93. The company has a market capitalization of $3.12 billion, a PE ratio of 13.49, a price-to-earnings-growth ratio of 1.25 and a beta of 0.77.

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.