Brokers Issue Forecasts for McGrath RentCorp’s FY2016 Earnings (MGRC)
McGrath RentCorp (NASDAQ:MGRC) – Stock analysts at KeyCorp dropped their FY2016 earnings per share estimates for shares of McGrath RentCorp in a research report issued to clients and investors on Monday. KeyCorp analyst J. Box now forecasts that the brokerage will post earnings per share of $1.59 for the year, down from their previous estimate of $1.65. KeyCorp also issued estimates for McGrath RentCorp’s Q4 2016 earnings at $0.44 EPS and FY2017 earnings at $1.66 EPS.
MGRC has been the topic of a number of other research reports. TheStreet upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, June 10th. Sidoti raised their target price on shares of McGrath RentCorp from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Wednesday, September 14th. Finally, Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Friday, August 5th.
Shares of McGrath RentCorp (NASDAQ:MGRC) traded down 0.45% during trading on Wednesday, hitting $31.22. 18,715 shares of the stock traded hands. The firm has a market capitalization of $746.10 million, a price-to-earnings ratio of 19.36 and a beta of 0.96. The firm has a 50-day moving average of $31.73 and a 200-day moving average of $28.60. McGrath RentCorp has a 1-year low of $21.46 and a 1-year high of $33.35.
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McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results 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 company 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. The firm’s revenue was up 7.4% on a year-over-year basis.
In other news, CEO Dennis C. Kakures sold 36,777 shares of the firm’s stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $32.60, for a total transaction of $1,198,930.20. Following the completion of the transaction, the chief executive officer now owns 314,224 shares of the company’s stock, valued at $10,243,702.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dennis C. Kakures sold 16,248 shares of the firm’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $32.63, for a total transaction of $530,172.24. Following the transaction, the chief executive officer now directly owns 314,224 shares of the company’s stock, valued at approximately $10,253,129.12. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Brown Advisory Inc. increased its position in McGrath RentCorp by 15.9% in the second quarter. Brown Advisory Inc. now owns 1,263,013 shares of the company’s stock valued at $38,636,000 after buying an additional 173,600 shares during the last quarter. Bogle Investment Management L P DE acquired a new position in McGrath RentCorp during the first quarter valued at about $1,207,000. Mondrian Investment Partners LTD acquired a new position in McGrath RentCorp during the first quarter valued at about $3,629,000. Renaissance Technologies LLC increased its position in McGrath RentCorp by 83.5% in the first quarter. Renaissance Technologies LLC now owns 236,195 shares of the company’s stock valued at $5,924,000 after buying an additional 107,508 shares during the last quarter. Finally, North Star Investment Management Corp. acquired a new position in McGrath RentCorp during the first quarter valued at about $562,000. 81.61% of the stock is owned by hedge funds and other institutional investors.
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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