McGrath RentCorp (MGRC) Rating 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 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. “
McGrath RentCorp (MGRC) traded up 0.58% during mid-day trading on Wednesday, reaching $34.63. The company’s stock had a trading volume of 57,384 shares. McGrath RentCorp has a 52 week low of $29.26 and a 52 week high of $39.86. The firm has a market capitalization of $830.46 million, a P/E ratio of 20.89 and a beta of 0.97. The firm’s 50 day moving average price is $34.03 and its 200 day moving average price is $35.71.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, May 2nd. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $94.84 million for the quarter, compared to analysts’ expectations of $95.10 million. On average, analysts anticipate that McGrath RentCorp will post $1.77 EPS for the current fiscal year.
The business also recently announced 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, July 13th. McGrath RentCorp’s payout ratio is 63.03%.
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In related news, VP Philip B. Hawkins sold 1,500 shares of McGrath RentCorp stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $36.00, for a total value of $54,000.00. Following the transaction, the vice president now directly owns 3,624 shares in the company, valued at approximately $130,464. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 6,000 shares of McGrath RentCorp stock in a transaction on Monday, May 8th. The stock was sold at an average price of $34.55, for a total value of $207,300.00. Following the completion of the transaction, the chief executive officer now owns 30,087 shares in the company, valued at $1,039,505.85. The disclosure for this sale can be found here. Insiders sold a total of 12,500 shares of company stock worth $442,090 over the last 90 days. Insiders own 4.60% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its position in shares of McGrath RentCorp by 11.3% in the first quarter. Public Employees Retirement System of Ohio now owns 11,110 shares of the financial services provider’s stock worth $373,000 after buying an additional 1,128 shares during the last quarter. Tudor Investment Corp ET AL boosted its position in shares of McGrath RentCorp by 7.1% in the first quarter. Tudor Investment Corp ET AL now owns 21,250 shares of the financial services provider’s stock worth $713,000 after buying an additional 1,407 shares during the last quarter. HCSF Management LLC boosted its position in shares of McGrath RentCorp by 1.2% in the first quarter. HCSF Management LLC now owns 283,220 shares of the financial services provider’s stock worth $9,508,000 after buying an additional 3,220 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of McGrath RentCorp by 16.4% in the first quarter. AQR Capital Management LLC now owns 99,768 shares of the financial services provider’s stock worth $3,349,000 after buying an additional 14,031 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of McGrath RentCorp by 9.7% in the first quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock worth $316,000 after buying an additional 830 shares during the last quarter. Institutional investors and hedge funds own 82.52% of the company’s stock.
McGrath RentCorp Company Profile
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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