McGrath RentCorp (NASDAQ:MGRC) Stock Price Passes Above 200 Day Moving Average - Here's What Happened

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $110.52 and traded as high as $116.21. McGrath RentCorp shares last traded at $114.72, with a volume of 110,015 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MGRC. Oppenheimer boosted their price objective 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. CJS Securities began coverage on McGrath RentCorp in a report on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 price target for the company. Finally, StockNews.com raised McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday, October 22nd.

McGrath RentCorp Stock Performance

The business's 50 day moving average price is $116.95 and its 200-day moving average price is $110.52. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 1.66 and a beta of 0.77.

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

McGrath RentCorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend is Friday, January 17th. McGrath RentCorp's payout ratio is 20.77%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction 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 filing with the SEC, which is available at this hyperlink. Also, VP David M. Whitney sold 5,176 shares of the firm's stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the transaction, the vice president now directly owns 205 shares in the company, valued at $23,985. This trade represents a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 47,935 shares of company stock worth $5,605,327 in the last 90 days. 1.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On McGrath RentCorp

Several institutional investors have recently bought and sold shares of MGRC. Virtu Financial LLC boosted its holdings in shares of McGrath RentCorp by 21.3% in the second quarter. Virtu Financial LLC now owns 32,944 shares of the financial services provider's stock valued at $3,510,000 after acquiring an additional 5,792 shares in the last quarter. Sei Investments Co. lifted its holdings in McGrath RentCorp by 4.1% in the 2nd quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider's stock valued at $496,000 after acquiring an additional 183 shares during the last quarter. Gabelli Funds LLC boosted its position in shares of McGrath RentCorp by 17.7% during the 2nd quarter. Gabelli Funds LLC now owns 70,258 shares of the financial services provider's stock valued at $7,486,000 after purchasing an additional 10,588 shares in the last quarter. Bank of Montreal Can grew its stake in shares of McGrath RentCorp by 802.5% in the 2nd quarter. Bank of Montreal Can now owns 30,866 shares of the financial services provider's stock worth $3,349,000 after purchasing an additional 27,446 shares during the last quarter. Finally, Murchinson Ltd. bought a new stake in shares of McGrath RentCorp in the 2nd quarter worth approximately $4,666,000. Institutional investors and hedge funds own 92.05% of the company's stock.

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.