Shares of McGrath RentCorp (NASDAQ:MGRC) have been assigned an average broker rating score of 2.33 (Buy) from the three analysts that cover the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. McGrath RentCorp’s rating score has improved by 22.3% from three months ago as a result of a number of analysts’ ratings changes.
Analysts have set a 1-year consensus target price of $40.00 for the company and are expecting that the company will post $0.51 earnings per share for the current quarter, according to Zacks. Zacks has also assigned McGrath RentCorp an industry rank of 212 out of 265 based on the ratings given to its competitors.
A number of brokerages have commented on MGRC. Zacks Investment Research downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Thursday, October 6th. Sidoti raised their price objective on McGrath RentCorp from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 14th.
McGrath RentCorp (NASDAQ:MGRC) traded down 1.99% on Tuesday, hitting $31.06. The stock had a trading volume of 22,580 shares. McGrath RentCorp has a 1-year low of $21.46 and a 1-year high of $33.35. The firm has a market cap of $742.55 million, a P/E ratio of 18.49 and a beta of 1.05. The firm’s 50-day moving average price is $31.82 and its 200-day moving average price is $29.28.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, August 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.04. The firm had revenue of $103.10 million for the quarter, compared to analyst estimates of $98.58 million. McGrath RentCorp had a return on equity of 12.96% and a net margin of 11.96%. The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 EPS. On average, equities research analysts predict that McGrath RentCorp will post $1.62 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Monday, October 17th will be given a $0.255 dividend. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.22%. McGrath RentCorp’s dividend payout ratio is currently 61.08%.
In related news, CFO Keith E. Pratt sold 1,372 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $31.94, for a total transaction of $43,821.68. Following the completion of the transaction, the chief financial officer now owns 30,000 shares in the company, valued at approximately $958,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Dennis C. Kakures sold 16,248 shares of the firm’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $32.63, for a total value of $530,172.24. Following the transaction, the chief executive officer now owns 314,224 shares of the company’s stock, valued at approximately $10,253,129.12. The disclosure for this sale can be found here. 5.00% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Legal & General Group Plc increased its position in McGrath RentCorp by 14.7% in the first quarter. Legal & General Group Plc now owns 5,090 shares of the company’s stock valued at $129,000 after buying an additional 652 shares during the period. Royal Bank of Canada increased its position in McGrath RentCorp by 44.3% in the second quarter. Royal Bank of Canada now owns 4,377 shares of the company’s stock valued at $134,000 after buying an additional 1,343 shares during the period. BlackRock Inc. increased its position in McGrath RentCorp by 338.3% in the second quarter. BlackRock Inc. now owns 6,684 shares of the company’s stock valued at $204,000 after buying an additional 5,159 shares during the period. Norman Fields Gottscho Capital Management LLC bought a new position in McGrath RentCorp during the third quarter valued at approximately $227,000. Finally, Acadian Asset Management LLC bought a new position in McGrath RentCorp during the second quarter valued at approximately $239,000. Institutional investors and hedge funds own 81.64% of the company’s stock.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company with four rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The Company operates in 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).
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