In a recent transaction reported to the Securities and Exchange Commission, Malek Gilda, Vice President and General Counsel at McGrath RentCorp (NASDAQ:MGRC), a company with impressive financial health and a market capitalization of $2.95 billion, sold 919 shares of the company's common stock. According to InvestingPro data, MGRC maintains strong profitability with a 48.5% gross margin and has raised its dividend for 27 consecutive years. The shares were sold at a price of $121.78 each, amounting to a total transaction value of $111,915. Following this sale, Gilda holds no shares in the company. The transaction was executed on December 9, 2024, and was filed with the SEC on December 11, 2024. For deeper insights into insider transactions and comprehensive financial analysis, InvestingPro subscribers can access detailed reports covering over 1,400 US stocks, including MGRC.
In other recent news, McGrath RentCorp reported a 10% increase in total revenues for Q3 2024, reaching $267 million. The company's adjusted EBITDA also saw a rise of 13%, amounting to $104 million. The termination of an acquisition by WillScot (NASDAQ:WSC) resulted in a $180 million termination fee for McGrath RentCorp. The company's Modular business performed notably well, with rental and sales revenues increasing by 9% and 14%, respectively. However, the Portable Storage and TRS divisions experienced declines due to reduced commercial construction activity. Looking ahead, McGrath RentCorp expects continued softness in Portable Storage and TRS, but remains optimistic about growth initiatives in the Modular segment. The company is considering potential acquisitions and plans to enhance customer service and expand its geographic footprint.
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