McGrath RentCorp (NASDAQ:MGRC – Get Rating) was the target of a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 212,600 shares, a drop of 33.2% from the October 15th total of 318,500 shares. Based on an average daily volume of 78,700 shares, the short-interest ratio is currently 2.7 days. Approximately 0.9% of the shares of the company are short sold.
Wall Street Analyst Weigh In
Separately, StockNews.com downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Monday, October 31st.
McGrath RentCorp Price Performance
Shares of McGrath RentCorp stock opened at $99.20 on Friday. The business’s fifty day moving average price is $87.29 and its two-hundred day moving average price is $83.24. The company has a market capitalization of $2.42 billion, a P/E ratio of 23.34, a PEG ratio of 2.19 and a beta of 0.80. McGrath RentCorp has a 1-year low of $71.17 and a 1-year high of $99.34.
McGrath RentCorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, October 31st. Shareholders of record on Monday, October 17th were paid a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 1.83%. The ex-dividend date of this dividend was Friday, October 14th. McGrath RentCorp’s payout ratio is currently 42.82%.
Institutional Trading of McGrath RentCorp
Several hedge funds have recently added to or reduced their stakes in the business. DB Wealth Management Group LLC bought a new stake in shares of McGrath RentCorp in the 1st quarter worth $26,000. Pinebridge Investments L.P. raised its stake in shares of McGrath RentCorp by 325.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 425 shares of the financial services provider’s stock worth $32,000 after buying an additional 325 shares in the last quarter. Lazard Asset Management LLC bought a new stake in shares of McGrath RentCorp in the 1st quarter worth $51,000. FMR LLC raised its stake in shares of McGrath RentCorp by 14.1% in the 2nd quarter. FMR LLC now owns 978 shares of the financial services provider’s stock worth $74,000 after buying an additional 121 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of McGrath RentCorp in the 2nd quarter worth $90,000. Institutional investors own 82.93% 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.
See Also
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Read More: Short Interest in McGrath RentCorp (NASDAQ:MGRC) Drops By 33.2%