McGrath RentCorp (MGRC) Raised to “Hold” at BidaskClub

BidaskClub upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a sell rating to a hold rating in a research report released on Saturday, BidAskClub reports.

Separately, Zacks Investment Research downgraded McGrath RentCorp from a buy rating to a hold rating in a research note on Saturday, February 23rd.

NASDAQ MGRC opened at $58.81 on Friday. McGrath RentCorp has a 1-year low of $45.85 and a 1-year high of $68.79. The company has a market capitalization of $1.42 billion, a P/E ratio of 18.79, a PEG ratio of 1.73 and a beta of 0.70.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, February 26th. The financial services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.18. McGrath RentCorp had a return on equity of 13.99% and a net margin of 15.93%. The firm had revenue of $133.11 million during the quarter, compared to the consensus estimate of $129.63 million. During the same period last year, the business posted $0.62 EPS. McGrath RentCorp’s quarterly revenue was up 8.9% on a year-over-year basis. As a group, equities analysts predict that McGrath RentCorp will post 3.37 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 15th will be paid a $0.375 dividend. 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 2.55%. The ex-dividend date is Friday, April 12th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 47.92%.

In other McGrath RentCorp news, VP John P. Skenesky sold 1,719 shares of the firm’s stock in a transaction 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 transaction, the vice president now owns 2,992 shares of the company’s stock, valued at $176,557.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Trease Kristina Van sold 4,294 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $57.94, for a total value of $248,794.36. Following the transaction, the vice president now directly owns 14,131 shares of the company’s stock, valued at approximately $818,750.14. The disclosure for this sale can be found here. Insiders have sold 11,320 shares of company stock valued at $665,357 in the last three months. 2.00% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. SG Capital Management LLC increased its position in McGrath RentCorp by 45.4% during the first quarter. SG Capital Management LLC now owns 230,366 shares of the financial services provider’s stock worth $13,032,000 after buying an additional 71,960 shares in the last quarter. Deutsche Bank AG increased its position in McGrath RentCorp by 27.0% during the fourth quarter. Deutsche Bank AG now owns 64,932 shares of the financial services provider’s stock worth $3,340,000 after buying an additional 13,812 shares in the last quarter. Geode Capital Management LLC increased its position in McGrath RentCorp by 9.8% during the fourth quarter. Geode Capital Management LLC now owns 277,518 shares of the financial services provider’s stock worth $14,286,000 after buying an additional 24,826 shares in the last quarter. Norges Bank purchased a new position in McGrath RentCorp during the fourth quarter worth $21,208,000. Finally, Coldstream Capital Management Inc. purchased a new position in McGrath RentCorp during the fourth quarter worth $777,000. 85.16% of the stock is owned by institutional investors.

McGrath RentCorp Company Profile

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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