Brokerages Anticipate McGrath RentCorp (MGRC) Will Post Quarterly Sales of $127.10 Million
Wall Street analysts forecast that McGrath RentCorp (NASDAQ:MGRC) will post $127.10 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for McGrath RentCorp’s earnings. The lowest sales estimate is $125.80 million and the highest is $128.40 million. McGrath RentCorp reported sales of $121.99 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 4.2%. The company is expected to report its next quarterly earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that McGrath RentCorp will report full year sales of $127.10 million for the current year, with estimates ranging from $441.20 million to $442.00 million. For the next fiscal year, analysts forecast that the business will post sales of $454.65 million per share, with estimates ranging from $452.50 million to $456.80 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover McGrath RentCorp.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.10. The business had revenue of $109.58 million during the quarter, compared to analyst estimates of $105.36 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS.
A number of research analysts recently issued reports on MGRC shares. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Friday, May 5th. BidaskClub downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th.
Shares of McGrath RentCorp (MGRC) opened at 38.98 on Wednesday. The stock’s 50 day moving average price is $35.91 and its 200 day moving average price is $35.13. McGrath RentCorp has a one year low of $29.26 and a one year high of $41.61. The firm has a market capitalization of $935.25 million, a price-to-earnings ratio of 22.29 and a beta of 0.97.
The company also recently disclosed a quarterly dividend, which was paid on Monday, July 31st. Investors of record on Monday, July 17th were issued 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 2.67%. McGrath RentCorp’s payout ratio is presently 59.43%.
In related news, VP John P. Skenesky sold 7,561 shares of the stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $38.47, for a total transaction of $290,871.67. Following the completion of the transaction, the vice president now directly owns 6,387 shares of the company’s stock, valued at $245,707.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Keith E. Pratt sold 3,261 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $40.73, for a total value of $132,820.53. Following the transaction, the vice president now directly owns 26,000 shares of the company’s stock, valued at $1,058,980. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of McGrath RentCorp by 17.0% in the first quarter. Vanguard Group Inc. now owns 2,093,570 shares of the financial services provider’s stock valued at $70,282,000 after buying an additional 304,573 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of McGrath RentCorp by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,746,105 shares of the financial services provider’s stock valued at $60,468,000 after buying an additional 11,707 shares during the period. Deprince Race & Zollo Inc. boosted its position in shares of McGrath RentCorp by 4.2% in the second quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock valued at $38,752,000 after buying an additional 45,353 shares during the period. Renaissance Technologies LLC boosted its position in shares of McGrath RentCorp by 36.5% in the first quarter. Renaissance Technologies LLC now owns 571,595 shares of the financial services provider’s stock valued at $19,188,000 after buying an additional 152,800 shares during the period. Finally, State Street Corp boosted its position in shares of McGrath RentCorp by 4.7% in the second quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock valued at $18,737,000 after buying an additional 24,511 shares during the period. 82.61% of the stock is owned by hedge funds and other 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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