McGrath RentCorp Declares Quarterly Dividend of $0.26 (MGRC)
McGrath RentCorp (NASDAQ:MGRC) announced a quarterly dividend on Thursday, December 7th, Wall Street Journal reports. Stockholders of record on Wednesday, January 17th will be given a dividend of 0.26 per share by the financial services provider on Wednesday, January 31st. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Tuesday, January 16th.
McGrath RentCorp has increased its dividend by an average of 2.1% annually over the last three years and has increased its dividend annually for the last 15 consecutive years. McGrath RentCorp has a payout ratio of 51.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect McGrath RentCorp to earn $2.23 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 46.6%.
Shares of McGrath RentCorp (NASDAQ:MGRC) traded up $0.18 during midday trading on Thursday, hitting $47.07. The stock had a trading volume of 89,000 shares, compared to its average volume of 74,312. The firm has a market cap of $1,126.87, a price-to-earnings ratio of 24.68, a price-to-earnings-growth ratio of 2.30 and a beta of 1.02. McGrath RentCorp has a fifty-two week low of $32.09 and a fifty-two week high of $49.66.
Several analysts have recently weighed in on MGRC shares. ValuEngine lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Oppenheimer restated a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st. Finally, Zacks Investment Research downgraded McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 4th.
In other McGrath RentCorp news, Director Dennis P. Stradford sold 3,900 shares of McGrath RentCorp stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $49.41, for a total value of $192,699.00. Following the completion of the transaction, the director now owns 5,000 shares in the company, valued at approximately $247,050. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Keith E. Pratt sold 2,284 shares of McGrath RentCorp stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $47.00, for a total value of $107,348.00. Following the completion of the transaction, the chief financial officer now owns 28,118 shares of the company’s stock, valued at approximately $1,321,546. The disclosure for this sale can be found here. Insiders have sold a total of 13,159 shares of company stock valued at $628,935 in the last 90 days. 4.60% of the stock is owned by corporate insiders.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
Receive News & Ratings for McGrath RentCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McGrath RentCorp and related companies with MarketBeat.com's FREE daily email newsletter.