Q3 2017 Earnings Estimate for McGrath RentCorp (NASDAQ:MGRC) Issued By KeyCorp
McGrath RentCorp (NASDAQ:MGRC) – Research analysts at KeyCorp raised their Q3 2017 earnings per share (EPS) estimates for shares of McGrath RentCorp in a report issued on Thursday. KeyCorp analyst J. Box now expects that the financial services provider will earn $0.57 per share for the quarter, up from their previous forecast of $0.54. KeyCorp also issued estimates for McGrath RentCorp’s Q4 2017 earnings at $0.54 EPS, FY2017 earnings at $1.91 EPS, Q1 2018 earnings at $0.34 EPS, Q3 2018 earnings at $0.62 EPS and FY2018 earnings at $2.05 EPS.
Other research analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research report on Saturday. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday.
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Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 41.31 on Monday. The stock has a market cap of $991.15 million, a price-to-earnings ratio of 23.62 and a beta of 0.97. McGrath RentCorp has a 52 week low of $29.26 and a 52 week high of $41.48. The firm has a 50-day moving average price of $34.31 and a 200-day moving average price of $35.03.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The business had revenue of $109.58 million during the quarter, compared to analyst estimates of $105.36 million. During the same quarter in the prior year, the business posted $0.38 EPS. McGrath RentCorp’s revenue for the quarter was up 6.3% compared to the same quarter last year.
Several hedge funds have recently added to or reduced their stakes in MGRC. US Bancorp DE boosted its stake in McGrath RentCorp by 17,333.3% in the second quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock worth $145,000 after buying an additional 4,160 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in McGrath RentCorp by 260.7% in the second quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock worth $155,000 after buying an additional 3,241 shares in the last quarter. Airain ltd bought a new stake in McGrath RentCorp during the first quarter worth approximately $201,000. Legal & General Group Plc boosted its stake in McGrath RentCorp by 2.4% in the second quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after buying an additional 172 shares in the last quarter. Finally, Mckinley Capital Management LLC Delaware boosted its stake in McGrath RentCorp by 1.7% in the first quarter. Mckinley Capital Management LLC Delaware now owns 7,769 shares of the financial services provider’s stock worth $261,000 after buying an additional 130 shares in the last quarter. 82.57% of the stock is owned by institutional investors and hedge funds.
In other news, Director Elizabeth A. Fetter sold 2,000 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $36.02, for a total transaction of $72,040.00. Following the completion of the sale, the director now owns 5,400 shares of the company’s stock, valued at $194,508. The transaction was disclosed in a filing 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 dated Wednesday, May 10th. The stock was sold at an average price of $36.00, for a total transaction of $54,000.00. Following the sale, the vice president now directly owns 3,624 shares of the company’s stock, valued at approximately $130,464. The disclosure for this sale can be found here. Insiders have sold 6,500 shares of company stock valued at $234,790 in the last three months. Corporate insiders own 4.60% of the company’s stock.
The business also recently announced a quarterly dividend, which was paid on Monday, July 31st. Stockholders of record on Monday, July 17th were paid a dividend of $0.26 per share. The ex-dividend date was Thursday, July 13th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.52%. McGrath RentCorp’s dividend payout ratio is currently 59.43%.
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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