McGrath RentCorp (MGRC) Downgraded by Zacks Investment Research
McGrath RentCorp (NASDAQ:MGRC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released 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. “
Separately, BidaskClub cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th.
McGrath RentCorp (MGRC) opened at 44.98 on Wednesday. The stock has a 50 day moving average of $40.68 and a 200 day moving average of $36.14. McGrath RentCorp has a one year low of $29.27 and a one year high of $45.14. The company has a market cap of $1.08 billion, a PE ratio of 25.72 and a beta of 0.97.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The company had revenue of $109.58 million for the quarter, compared to the consensus estimate of $105.36 million. During the same quarter in the prior year, the firm earned $0.38 earnings per share. McGrath RentCorp’s revenue was up 6.3% on a year-over-year basis. On average, analysts anticipate that McGrath RentCorp will post $1.88 earnings per share for the current fiscal year.
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In other news, VP John P. Skenesky sold 7,561 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $38.47, for a total value of $290,871.67. Following the completion of the sale, the vice president now directly owns 6,387 shares of the company’s stock, valued at approximately $245,707.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Trease Kristina Van sold 1,043 shares of the firm’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $39.82, for a total value of $41,532.26. Following the completion of the sale, the vice president now directly owns 18,973 shares of the company’s stock, valued at $755,504.86. The disclosure for this sale can be found here. Insiders have sold 18,265 shares of company stock worth $719,958 over the last three months. 4.60% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGRC. Legal & General Group Plc increased its position in shares of McGrath RentCorp by 14.7% during the 1st quarter. Legal & General Group Plc now owns 5,090 shares of the financial services provider’s stock valued at $129,000 after purchasing an additional 652 shares during the last quarter. Royal Bank of Canada boosted its stake in McGrath RentCorp by 44.3% during the second quarter. Royal Bank of Canada now owns 4,377 shares of the financial services provider’s stock worth $134,000 after buying an additional 1,343 shares during the period. US Bancorp DE boosted its stake in McGrath RentCorp by 17,333.3% during 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 during the period. BNP Paribas Arbitrage SA boosted its stake in McGrath RentCorp by 260.7% during 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 during the period. Finally, Robeco Institutional Asset Management B.V. purchased a new position in McGrath RentCorp during the third quarter worth $201,000. 82.54% of the stock is currently 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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