McGrath RentCorp (NASDAQ:MGRC) Short Interest Update

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) was the recipient of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 520,000 shares, a decrease of 12.4% from the December 31st total of 593,800 shares. Based on an average trading volume of 182,000 shares, the days-to-cover ratio is presently 2.9 days.

McGrath RentCorp Stock Performance

Shares of MGRC stock traded up $0.46 during trading hours on Wednesday, hitting $122.90. 176,429 shares of the company were exchanged, compared to its average volume of 130,254. The firm has a market cap of $3.02 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.47 and a beta of 0.77. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The company has a 50 day simple moving average of $117.46 and a two-hundred day simple moving average of $111.98.

McGrath RentCorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend was Friday, January 17th. McGrath RentCorp's payout ratio is currently 20.77%.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of the firm'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 transaction of $111,915.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.60% of the company's stock.

Institutional Trading of McGrath RentCorp

Several hedge funds have recently bought and sold shares of the business. River Road Asset Management LLC grew its position in McGrath RentCorp by 68.2% in the 3rd quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider's stock valued at $131,324,000 after purchasing an additional 505,817 shares during the period. Franklin Resources Inc. grew its position in McGrath RentCorp by 57.3% in the 3rd quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider's stock valued at $119,456,000 after purchasing an additional 404,884 shares during the period. Victory Capital Management Inc. boosted its holdings in McGrath RentCorp by 6.8% during the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider's stock worth $79,546,000 after acquiring an additional 47,872 shares during the last quarter. State Street Corp boosted its holdings in McGrath RentCorp by 2.2% during the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider's stock worth $62,432,000 after acquiring an additional 12,520 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in McGrath RentCorp by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider's stock worth $60,890,000 after acquiring an additional 6,165 shares during the last quarter. Institutional investors and hedge funds own 92.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MGRC. Oppenheimer raised their price target on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an "outperform" rating in a report on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, January 17th. Finally, CJS Securities initiated coverage on shares of McGrath RentCorp in a report on Wednesday, December 11th. They set an "outperform" rating and a $152.00 price target for the company.

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.