McGrath RentCorp (NASDAQ:MGRC) Short Interest Update


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McGrath RentCorp (NASDAQ:MGRC) was the target of a large drop in short interest in April. As of April 15th, there was short interest totalling 193,300 shares, a drop of 16.0% from the March 31st total of 230,100 shares. Approximately 0.8% of the shares of the company are short sold. Based on an average trading volume of 91,500 shares, the short-interest ratio is presently 2.1 days.

NASDAQ:MGRC traded down $1.41 during mid-day trading on Tuesday, hitting $81.05. 4,118 shares of the company’s stock traded hands, compared to its average volume of 92,315. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 20.42, a price-to-earnings-growth ratio of 1.81 and a beta of 1.00. The firm has a 50 day moving average of $81.62 and a two-hundred day moving average of $72.22. McGrath RentCorp has a 12 month low of $45.71 and a 12 month high of $86.76.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Wednesday, April 28th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.77 by ($0.06). McGrath RentCorp had a return on equity of 15.09% and a net margin of 17.03%. The company had revenue of $121.20 million for the quarter, compared to the consensus estimate of $127.96 million. During the same period last year, the firm posted $0.81 EPS. The company’s revenue was down 6.4% compared to the same quarter last year. On average, equities analysts forecast that McGrath RentCorp will post 3.89 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 30th. Stockholders of record on Thursday, April 15th were given a dividend of $0.435 per share. The ex-dividend date was Wednesday, April 14th. This represents a $1.74 dividend on an annualized basis and a dividend yield of 2.15%. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.42. McGrath RentCorp’s dividend payout ratio is currently 44.27%.

Separately, Zacks Investment Research upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 28th.

In related news, insider Kay Dashner sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, February 26th. The stock was sold at an average price of $79.00, for a total value of $237,000.00. Following the completion of the sale, the insider now directly owns 5,951 shares in the company, valued at approximately $470,129. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGRC. Fuller & Thaler Asset Management Inc. raised its holdings in McGrath RentCorp by 78.3% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 410 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 180 shares in the last quarter. Carroll Financial Associates Inc. acquired a new stake in McGrath RentCorp during the first quarter worth $57,000. Group One Trading L.P. boosted its stake in McGrath RentCorp by 556.7% during the fourth quarter. Group One Trading L.P. now owns 2,200 shares of the financial services provider’s stock worth $148,000 after buying an additional 1,865 shares in the last quarter. ELM Advisors LLC acquired a new position in shares of McGrath RentCorp in the 4th quarter valued at $161,000. Finally, Cornerstone Investment Partners LLC acquired a new position in shares of McGrath RentCorp in the 1st quarter valued at $228,000. Institutional investors and hedge funds own 81.92% 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, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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