McGrath RentCorp (MGRC) Expected to Announce Quarterly Sales of $127.10 Million
Equities research analysts expect that McGrath RentCorp (NASDAQ:MGRC) will post sales of $127.10 million for the current quarter, Zacks reports. Two analysts have provided estimates for McGrath RentCorp’s earnings, with the highest sales estimate coming in at $128.40 million and the lowest estimate coming in at $125.80 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 firm is expected to report its next quarterly earnings report after the market closes on Tuesday, October 31st.
On average, 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 expect that the company will report 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 sell-side analysts that that provide coverage for McGrath RentCorp.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. The business had revenue of $109.58 million for 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 for the quarter was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 EPS.
Several research firms have recently commented on MGRC. BidaskClub raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research report on Saturday, August 5th.
McGrath RentCorp (MGRC) opened at 45.41 on Tuesday. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 25.96 and a beta of 0.97. The stock’s 50 day moving average price is $41.41 and its 200-day moving average price is $36.50. McGrath RentCorp has a one year low of $29.27 and a one year high of $45.72.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Tuesday, October 17th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Monday, October 16th. McGrath RentCorp’s payout ratio is 59.43%.
In related news, VP Keith E. Pratt sold 3,261 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $40.73, for a total transaction of $132,820.53. Following the sale, the vice president now owns 26,000 shares of the company’s stock, valued at $1,058,980. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $290,871.67. Following the sale, the vice president now directly owns 6,387 shares in the company, valued at approximately $245,707.89. The disclosure for this sale can be found here. Insiders sold 18,265 shares of company stock worth $719,958 in the last ninety days. 4.60% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of MGRC. US Bancorp DE grew its position 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 in the last quarter. BNP Paribas Arbitrage SA grew its position 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 in the last quarter. Thrivent Financial For Lutherans acquired a new stake in McGrath RentCorp during the second quarter worth approximately $246,000. Legal & General Group Plc grew its position in McGrath RentCorp by 2.4% during 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, Bank of America Corp DE grew its position in McGrath RentCorp by 9.7% during 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 in the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.
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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