Analysts Set $40.00 Price Target for McGrath RentCorp (NASDAQ:MGRC)
McGrath RentCorp (NASDAQ:MGRC) has earned an average broker rating score of 2.33 (Buy) from the three brokers that provide coverage for the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. McGrath RentCorp’s rating score has improved by 22.3% from 90 days ago as a result of a number of analysts’ ratings changes.
Analysts have set a twelve-month consensus target price of $40.00 for the company and are predicting that the company will post $0.51 earnings per share for the current quarter, according to Zacks. Zacks has also given McGrath RentCorp an industry rank of 112 out of 265 based on the ratings given to its competitors.
Several brokerages recently issued reports on MGRC. 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 boosted 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.
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In other McGrath RentCorp news, CEO Dennis C. Kakures sold 16,248 shares of the business’s stock in a transaction dated Tuesday, September 6th. The shares were 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 in the company, valued at $10,253,129.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Dennis C. Kakures sold 36,777 shares of the business’s stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $32.60, for a total transaction of $1,198,930.20. Following the sale, the chief executive officer now owns 314,224 shares in the company, valued at $10,243,702.40. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
A number of hedge funds have recently modified their holdings of MGRC. Legal & General Group Plc raised its stake in shares of McGrath RentCorp by 14.7% in the first quarter. Legal & General Group Plc now owns 5,090 shares of the company’s stock worth $129,000 after buying an additional 652 shares during the period. Royal Bank of Canada raised its stake in shares of McGrath RentCorp by 44.3% in the second quarter. Royal Bank of Canada now owns 4,377 shares of the company’s stock worth $134,000 after buying an additional 1,343 shares during the period. BlackRock Inc. raised its stake in shares of McGrath RentCorp by 338.3% in the second quarter. BlackRock Inc. now owns 6,684 shares of the company’s stock worth $204,000 after buying an additional 5,159 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of McGrath RentCorp during the second quarter worth about $239,000. Finally, Stanley Laman Group Ltd. acquired a new stake in shares of McGrath RentCorp during the second quarter worth about $248,000. Institutional investors own 81.61% of the company’s stock.
Shares of McGrath RentCorp (NASDAQ:MGRC) traded down 0.73% during midday trading on Wednesday, hitting $31.13. 14,290 shares of the stock traded hands. The company’s 50 day moving average price is $31.73 and its 200-day moving average price is $28.60. The stock has a market cap of $743.94 million, a price-to-earnings ratio of 19.30 and a beta of 0.96. McGrath RentCorp has a 12-month low of $21.46 and a 12-month high of $33.35.
McGrath RentCorp (NASDAQ:MGRC) last issued 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. The firm had revenue of $103.10 million for the quarter, compared to analyst estimates of $98.58 million. McGrath RentCorp had a net margin of 11.96% and a return on equity of 12.96%. McGrath RentCorp’s revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. On average, equities research analysts expect that McGrath RentCorp will post $1.64 EPS for the current year.
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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