McGrath RentCorp (MGRC) to Post Q3 2016 Earnings of $0.50 Per Share, KeyCorp Forecasts
McGrath RentCorp (NASDAQ:MGRC) – Equities researchers at KeyCorp cut their Q3 2016 earnings per share (EPS) estimates for McGrath RentCorp in a report issued on Monday. KeyCorp analyst J. Box now forecasts that the brokerage will post earnings of $0.50 per share for the quarter, down from their prior forecast of $0.51.
Other equities analysts have also issued reports about the stock. Zacks Investment Research lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. TheStreet upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, June 10th. Finally, Sidoti increased their price objective on shares of McGrath RentCorp from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 14th.
McGrath RentCorp (NASDAQ:MGRC) traded up 1.39% during midday trading on Tuesday, hitting $32.13. 28,339 shares of the company traded hands. The stock’s 50-day moving average is $31.74 and its 200-day moving average is $28.56. The firm has a market capitalization of $767.84 million, a PE ratio of 19.92 and a beta of 0.96. McGrath RentCorp has a 12-month low of $21.46 and a 12-month high of $33.35.
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McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, beating the 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 business earned $103.10 million during the quarter, compared to analyst estimates of $98.58 million. During the same quarter in the previous year, the business earned $0.32 EPS. McGrath RentCorp’s quarterly revenue was up 7.4% compared to the same quarter last year.
In other McGrath RentCorp news, CEO Dennis C. Kakures sold 36,777 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $32.60, for a total value of $1,198,930.20. Following the sale, the chief executive officer now directly owns 314,224 shares in the company, valued at $10,243,702.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Dennis C. Kakures sold 16,248 shares of the 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 completion of the sale, the chief executive officer now owns 314,224 shares in the company, valued at $10,253,129.12. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. Royal Bank of Canada raised its stake 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. BW Gestao de Investimentos Ltda. raised its stake in McGrath RentCorp by 11.2% in the second quarter. BW Gestao de Investimentos Ltda. now owns 17,153 shares of the company’s stock valued at $525,000 after buying an additional 1,728 shares during the period. Schwab Charles Investment Management Inc. raised its stake in McGrath RentCorp by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 126,003 shares of the company’s stock valued at $3,855,000 after buying an additional 2,272 shares during the period. Numeric Investors LLC purchased a new stake in McGrath RentCorp during the second quarter valued at $1,333,000. Finally, HCSF Management LLC bought a new stake in shares of McGrath RentCorp during the second quarter valued at about $4,313,000. Institutional investors own 82.24% of the company’s stock.
McGrath RentCorp Company Profile
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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