McGrath RentCorp (MGRC) Lowered to Hold at Zacks Investment Research
McGrath RentCorp (NASDAQ:MGRC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “McGrath RentCorp is comprised of three business segments: Mobile Modular Management Corporation, their modular building rental group, RenTelco, their electronic test equipment rental group, and Enviroplex, their majority-owned subsidiary classroom manufacturing business. MMMC rents and sells modular buildings and accessories to fulfill customers’ space needs. These units are used as temporary offices adjacent to existing facilities, and are used as sales offices, construction field offices, classrooms, health care clinics, child care facilities and for a variety of other purposes. “
A number of other research firms have also recently weighed in on MGRC. Sidoti upped their price target on McGrath RentCorp from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, September 14th. TheStreet raised McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, June 10th.
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McGrath RentCorp (NASDAQ:MGRC) traded up 0.48% during midday trading on Wednesday, hitting $31.51. The stock had a trading volume of 73,543 shares. The firm has a 50-day moving average of $31.73 and a 200-day moving average of $28.62. McGrath RentCorp has a 12-month low of $21.46 and a 12-month high of $33.35. The company has a market cap of $753.03 million, a PE ratio of 19.54 and a beta of 0.96.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The company earned $103.10 million during the quarter, compared to analysts’ expectations of $98.58 million. McGrath RentCorp had a return on equity of 12.96% and a net margin of 11.96%. McGrath RentCorp’s quarterly revenue was up 7.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. Equities research analysts forecast that McGrath RentCorp will post $1.62 EPS for the current year.
In other McGrath RentCorp news, VP Trease Kristina Van sold 2,266 shares of the business’s stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $31.74, for a total transaction of $71,922.84. Following the completion of the sale, the vice president now directly owns 16,236 shares in the company, valued at approximately $515,330.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Dennis C. Kakures sold 36,777 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The stock was 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 owns 314,224 shares of the company’s stock, 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 large investors have recently bought and sold shares of MGRC. Menta Capital LLC raised its stake in McGrath RentCorp by 2.1% in the first quarter. Menta Capital LLC now owns 19,266 shares of the company’s stock worth $483,000 after buying an additional 400 shares during the period. Parametric Portfolio Associates LLC raised its stake in McGrath RentCorp by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 80,326 shares of the company’s stock worth $2,457,000 after buying an additional 450 shares during the period. BlackRock Advisors LLC raised its stake in McGrath RentCorp by 4.9% in the second quarter. BlackRock Advisors LLC now owns 11,025 shares of the company’s stock worth $337,000 after buying an additional 519 shares during the period. Legal & General Group Plc raised its stake in 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. Finally, Paradigm Asset Management Co. LLC raised its stake in McGrath RentCorp by 7.8% in the second quarter. Paradigm Asset Management Co. LLC now owns 13,900 shares of the company’s stock worth $425,000 after buying an additional 1,000 shares during the period. Institutional investors own 81.61% 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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