McGrath RentCorp (NASDAQ:MGRC) – Analysts at KeyCorp boosted their Q4 2017 earnings estimates for shares of McGrath RentCorp in a report issued on Tuesday. KeyCorp analyst J. Box now expects that the financial services provider will earn $0.56 per share for the quarter, up from their previous estimate of $0.54. KeyCorp also issued estimates for McGrath RentCorp’s Q1 2018 earnings at $0.38 EPS, Q2 2018 earnings at $0.52 EPS, Q3 2018 earnings at $0.74 EPS, Q4 2018 earnings at $0.62 EPS and FY2018 earnings at $2.26 EPS.
A number of other research firms have also recently commented on MGRC. Zacks Investment Research cut McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub cut McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of McGrath RentCorp in a report on Wednesday.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.12. The firm had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. McGrath RentCorp had a return on equity of 11.55% and a net margin of 10.32%. The company’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 earnings per share.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th were given a dividend of $0.26 per share. The ex-dividend date was Monday, October 16th. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. McGrath RentCorp’s payout ratio is 54.74%.
In other news, VP Keith E. Pratt sold 3,261 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $40.73, for a total value of $132,820.53. Following the completion of the sale, the vice president now directly owns 26,000 shares of the company’s stock, valued at $1,058,980. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John P. Skenesky sold 7,561 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $38.47, for a total value of $290,871.67. Following the completion of the sale, the vice president now directly owns 6,387 shares of the company’s stock, valued at $245,707.89. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,265 shares of company stock worth $719,958. Corporate insiders own 4.60% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. US Bancorp DE increased its position in shares of McGrath RentCorp by 17,333.3% during the second quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 4,160 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in McGrath RentCorp by 260.7% in the second quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock worth $155,000 after buying an additional 3,241 shares during the last quarter. Thrivent Financial For Lutherans purchased a new stake in McGrath RentCorp in the second quarter worth $246,000. Legal & General Group Plc increased its position in McGrath RentCorp by 2.4% in the second quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after buying an additional 172 shares during the last quarter. Finally, Bank of America Corp DE increased its position in McGrath RentCorp by 9.7% in the first quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock worth $316,000 after buying an additional 830 shares during the last quarter. 82.55% of the stock is owned by institutional investors.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through 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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