McGrath RentCorp (NASDAQ:MGRC) has been given an average broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company.
Brokers have set a twelve-month consensus price objective of $70.00 for the company and are predicting that the company will post $0.81 EPS for the current quarter, according to Zacks. Zacks has also given McGrath RentCorp an industry rank of 244 out of 256 based on the ratings given to related companies.
A number of equities analysts have weighed in on the company. Zacks Investment Research lowered McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. BidaskClub upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday, December 25th. Finally, Berenberg Bank assumed coverage on McGrath RentCorp in a research note on Wednesday, September 19th. They set a “buy” rating and a $70.00 price objective for the company.
McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Tuesday, October 30th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.11. The company had revenue of $143.10 million during the quarter, compared to analyst estimates of $139.87 million. McGrath RentCorp had a return on equity of 12.61% and a net margin of 35.47%. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the business posted $0.69 EPS. As a group, equities research analysts forecast that McGrath RentCorp will post 2.95 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 31st. Investors of record on Thursday, January 17th will be issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.64%. The ex-dividend date is Wednesday, January 16th. McGrath RentCorp’s payout ratio is 63.55%.
In other news, Director Dennis P. Stradford sold 3,200 shares of the business’s stock in a transaction that occurred on Monday, December 10th. The stock was sold at an average price of $51.37, for a total transaction of $164,384.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP John Lieffrig sold 1,284 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $54.43, for a total value of $69,888.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,325 shares of company stock worth $331,845. 2.00% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of MGRC. ELM Advisors LLC purchased a new stake in McGrath RentCorp in the third quarter valued at approximately $131,000. Panagora Asset Management Inc. raised its position in McGrath RentCorp by 3,782.1% in the third quarter. Panagora Asset Management Inc. now owns 2,601 shares of the financial services provider’s stock valued at $142,000 after purchasing an additional 2,534 shares during the period. Sterling Capital Management LLC purchased a new stake in McGrath RentCorp in the second quarter valued at approximately $218,000. Caxton Associates LP purchased a new stake in McGrath RentCorp in the third quarter valued at approximately $210,000. Finally, Tower Research Capital LLC TRC purchased a new stake in McGrath RentCorp in the second quarter valued at approximately $263,000. Institutional investors and hedge funds own 83.06% of the company’s stock.
About McGrath RentCorp
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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