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. “
Several other research analysts have also commented on MGRC. TheStreet upgraded shares of McGrath RentCorp from a hold rating to a buy rating in a research note on Friday, June 10th. Sidoti increased their price target on shares of McGrath RentCorp from $36.00 to $40.00 and gave the stock a buy rating in a research note on Wednesday, September 14th.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 31.08 on Thursday. The company has a market cap of $743.03 million, a P/E ratio of 18.50 and a beta of 1.05. The company’s 50 day moving average is $31.81 and its 200-day moving average is $29.29. McGrath RentCorp has a 12 month low of $21.46 and a 12 month high of $33.35.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.04. McGrath RentCorp had a net margin of 11.96% and a return on equity of 12.96%. The company had revenue of $103.10 million for the quarter, compared to analyst estimates of $98.58 million. During the same quarter in the prior year, the business posted $0.32 EPS. McGrath RentCorp’s quarterly revenue was up 7.4% on a year-over-year basis. Analysts expect that McGrath RentCorp will post $1.62 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be issued a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Thursday, October 13th. McGrath RentCorp’s dividend payout ratio is currently 61.08%.
In related news, CEO Dennis C. Kakures sold 36,777 shares of the company’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $32.60, for a total transaction of $1,198,930.20. Following the completion of the sale, the chief executive officer now directly owns 314,224 shares of the company’s stock, valued at approximately $10,243,702.40. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Dennis C. Kakures sold 16,248 shares of the company’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $32.63, for a total transaction of $530,172.24. Following the sale, the chief executive officer now directly owns 314,224 shares of the company’s stock, valued at $10,253,129.12. The disclosure for this sale can be found here. Corporate insiders own 5.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Prudential Financial Inc. purchased a new stake in McGrath RentCorp during the first quarter valued at about $599,000. BlackRock Institutional Trust Company N.A. increased its stake in shares of McGrath RentCorp by 4.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 636,916 shares of the company’s stock worth $15,974,000 after buying an additional 24,942 shares during the period. Royce & Associates LP increased its stake in shares of McGrath RentCorp by 10.0% in the first quarter. Royce & Associates LP now owns 320,400 shares of the company’s stock worth $8,036,000 after buying an additional 29,100 shares during the period. Menta Capital LLC increased its stake in shares of McGrath RentCorp by 2.1% in the first quarter. Menta Capital LLC now owns 19,266 shares of the company’s stock worth $483,000 after buying an additional 400 shares during the period. Finally, Bogle Investment Management L P DE bought a new stake in shares of McGrath RentCorp during the first quarter worth $1,207,000. 81.64% of the stock is owned by institutional investors and hedge funds.
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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