Zacks Investment Research cut shares of McGrath RentCorp (NASDAQ:MGRC) from a strong-buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports.
According to Zacks, “McGrath RentCorp is comprised of three business segments: Mobile Modular Management Corporation, their modular building rental group, RenTelco, their electronic test equipment rental group, and Enviroplex, their majority-owned subsidiary classroom manufacturing business. MMMC rents and sells modular buildings and accessories to fulfill customers’ space needs. These units are used as temporary offices adjacent to existing facilities, and are used as sales offices, construction field offices, classrooms, health care clinics, child care facilities and for a variety of other purposes. “
Separately, BidaskClub raised shares of McGrath RentCorp from a hold rating to a buy rating in a research report on Tuesday, April 30th.
MGRC traded up $2.32 during trading on Wednesday, reaching $64.60. 78,660 shares of the stock traded hands, compared to its average volume of 85,758. The stock has a market capitalization of $1.57 billion, a P/E ratio of 20.64, a price-to-earnings-growth ratio of 1.90 and a beta of 0.73. McGrath RentCorp has a 12 month low of $45.85 and a 12 month high of $68.79.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, April 30th. The financial services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.13. The business had revenue of $122.00 million for the quarter, compared to analysts’ expectations of $113.87 million. McGrath RentCorp had a net margin of 16.18% and a return on equity of 14.86%. The business’s quarterly revenue was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.59 earnings per share. As a group, research analysts forecast that McGrath RentCorp will post 3.4 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 15th were issued a $0.375 dividend. The ex-dividend date was Friday, April 12th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.34. This represents a $1.50 annualized dividend and a yield of 2.32%. McGrath RentCorp’s dividend payout ratio (DPR) is 47.92%.
In other McGrath RentCorp news, VP Trease Kristina Van sold 4,294 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $57.94, for a total value of $248,794.36. Following the sale, the vice president now directly owns 14,131 shares in the company, valued at approximately $818,750.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John P. Skenesky sold 1,719 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $59.01, for a total transaction of $101,438.19. Following the completion of the sale, the vice president now owns 2,992 shares in the company, valued at $176,557.92. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,320 shares of company stock valued at $665,357. 2.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Cutler Group LP purchased a new stake in McGrath RentCorp in the 4th quarter worth approximately $25,000. FMR LLC lifted its stake in McGrath RentCorp by 186.6% in the 4th quarter. FMR LLC now owns 917 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 597 shares in the last quarter. Quantamental Technologies LLC purchased a new stake in McGrath RentCorp in the 1st quarter worth approximately $62,000. Amundi Pioneer Asset Management Inc. purchased a new stake in McGrath RentCorp in the 4th quarter worth approximately $124,000. Finally, Advisor Group Inc. lifted its stake in McGrath RentCorp by 16.5% in the 4th quarter. Advisor Group Inc. now owns 2,600 shares of the financial services provider’s stock worth $135,000 after purchasing an additional 369 shares in the last quarter. Institutional investors and hedge funds own 85.45% 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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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