McGrath RentCorp (MGRC) Stock Rating Lowered by 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 Friday.
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. “
McGrath RentCorp (NASDAQ:MGRC) traded up 0.38% during midday trading on Friday, hitting $34.01. 65,423 shares of the stock were exchanged. McGrath RentCorp has a 52 week low of $27.22 and a 52 week high of $39.86. The stock has a market cap of $815.59 million, a price-to-earnings ratio of 20.51 and a beta of 1.09. The firm’s 50-day moving average is $34.50 and its 200 day moving average is $36.14.
McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Tuesday, May 2nd. The financial services provider reported $0.33 EPS for the quarter, topping the consensus estimate of $0.28 by $0.05. McGrath RentCorp had a net margin of 9.44% and a return on equity of 10.44%. The firm had revenue of $94.84 million during the quarter, compared to analysts’ expectations of $95.10 million. Equities research analysts expect that McGrath RentCorp will post $1.81 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 28th. Stockholders of record on Friday, April 14th were paid a $0.26 dividend. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.26. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date was Tuesday, April 11th. McGrath RentCorp’s dividend payout ratio is currently 61.08%.
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In other news, Director Dennis P. Stradford sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $36.25, for a total value of $108,750.00. Following the completion of the sale, the director now directly owns 8,900 shares of the company’s stock, valued at approximately $322,625. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph F. Hanna sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $34.55, for a total transaction of $207,300.00. Following the completion of the sale, the chief executive officer now directly owns 30,087 shares of the company’s stock, valued at $1,039,505.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,500 shares of company stock valued at $442,090. Company insiders own 5.00% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC raised its stake in shares of McGrath RentCorp by 25.9% in the fourth quarter. Renaissance Technologies LLC now owns 418,795 shares of the financial services provider’s stock worth $16,413,000 after buying an additional 86,200 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of McGrath RentCorp during the fourth quarter worth $15,703,000. Silvercrest Asset Management Group LLC raised its stake in shares of McGrath RentCorp by 1.0% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 492,212 shares of the financial services provider’s stock worth $19,289,000 after buying an additional 4,690 shares in the last quarter. A.R.T. Advisors LLC bought a new stake in shares of McGrath RentCorp during the fourth quarter worth $442,000. Finally, ProShare Advisors LLC raised its stake in shares of McGrath RentCorp by 45.3% in the third quarter. ProShare Advisors LLC now owns 92,545 shares of the financial services provider’s stock worth $2,935,000 after buying an additional 28,858 shares in the last quarter. 81.58% of the stock is owned by institutional investors.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through 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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