McGrath RentCorp (MGRC) Rating Increased to Buy at Zacks Investment Research
McGrath RentCorp (NASDAQ:MGRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm presently has a $37.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.51% from the stock’s previous close.
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. “
Shares of McGrath RentCorp (NASDAQ:MGRC) traded up 1.58% on Thursday, hitting $33.48. The stock had a trading volume of 208,069 shares. The company has a market cap of $802.88 million, a P/E ratio of 20.19 and a beta of 0.98. McGrath RentCorp has a 52-week low of $28.88 and a 52-week high of $39.86. The company has a 50-day moving average of $34.37 and a 200-day moving average of $35.88.
McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, May 2nd. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.05. McGrath RentCorp had a return on equity of 10.14% and a net margin of 9.33%. The business had revenue of $94.84 million during the quarter, compared to analyst estimates of $95.10 million. On average, equities analysts anticipate that McGrath RentCorp will post $1.81 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Monday, July 17th will be issued a $0.26 dividend. The ex-dividend date is Thursday, July 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.11%. McGrath RentCorp’s payout ratio is 63.03%.
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In related news, Director Dennis P. Stradford sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The stock was 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 owns 8,900 shares in the company, valued at $322,625. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Philip B. Hawkins sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 10th. The shares were sold at an average price of $36.00, for a total value of $54,000.00. Following the completion of the sale, the vice president now owns 3,624 shares of the company’s stock, valued at approximately $130,464. The disclosure for this sale can be found here. Insiders sold 12,500 shares of company stock valued at $442,090 in the last quarter. 5.00% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the stock. 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 during the last quarter. A.R.T. Advisors LLC purchased a new stake in shares of McGrath RentCorp during the fourth quarter worth about $442,000. Teachers Advisors LLC raised its stake in shares of McGrath RentCorp by 2.1% in the fourth quarter. Teachers Advisors LLC now owns 37,493 shares of the financial services provider’s stock worth $1,469,000 after buying an additional 759 shares during the last quarter. Numeric Investors LLC raised its stake in shares of McGrath RentCorp by 72.4% in the fourth quarter. Numeric Investors LLC now owns 285,971 shares of the financial services provider’s stock worth $11,207,000 after buying an additional 120,128 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of McGrath RentCorp by 17.3% in the first quarter. ProShare Advisors LLC now owns 184,421 shares of the financial services provider’s stock worth $6,191,000 after buying an additional 27,158 shares during the last quarter. Hedge funds and other institutional investors own 82.52% of the company’s stock.
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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