Analysts Offer Predictions for McGrath RentCorp’s FY2017 Earnings (MGRC)
McGrath RentCorp (NASDAQ:MGRC) – Research analysts at Oppenheimer Holdings lifted their FY2017 EPS estimates for shares of McGrath RentCorp in a note issued to investors on Wednesday. Oppenheimer Holdings analyst S. Schneeberger now anticipates that the financial services provider will earn $2.03 per share for the year, up from their previous forecast of $1.90. Oppenheimer Holdings has a “Hold” rating on the stock. Oppenheimer Holdings also issued estimates for McGrath RentCorp’s Q1 2018 earnings at $0.38 EPS, Q2 2018 earnings at $0.52 EPS, Q3 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.57 EPS, FY2018 earnings at $2.20 EPS and FY2019 earnings at $2.40 EPS.
A number of other equities analysts also recently commented on the stock. Zacks Investment Research downgraded shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 4th. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th.
WARNING: “Analysts Offer Predictions for McGrath RentCorp’s FY2017 Earnings (MGRC)” was published by American Banking News and is the property of of American Banking News. If you are reading this report on another publication, it was illegally copied and republished in violation of United States and international copyright and trademark law. The legal version of this report can be viewed at https://www.americanbankingnews.com/2017/11/02/analysts-offer-predictions-for-mcgrath-rentcorps-fy2017-earnings-mgrc.html. McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.12. The firm had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. McGrath RentCorp had a return on equity of 11.55% and a net margin of 10.32%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.54 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th were paid a $0.26 dividend. The ex-dividend date was Monday, October 16th. This represents a $1.04 annualized dividend and a yield of 2.33%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 54.74%.
In related news, VP Keith E. Pratt sold 3,261 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $40.73, for a total value of $132,820.53. Following the completion of the sale, the vice president now directly owns 26,000 shares in the company, valued at approximately $1,058,980. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John P. Skenesky sold 7,561 shares of the firm’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $38.47, for a total transaction of $290,871.67. Following the completion of the sale, the vice president now owns 6,387 shares of the company’s stock, valued at $245,707.89. The disclosure for this sale can be found here. Insiders sold a total of 18,265 shares of company stock valued at $719,958 over the last quarter. 4.60% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. US Bancorp DE lifted its stake in McGrath RentCorp by 17,333.3% in the 2nd quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 4,160 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in McGrath RentCorp by 260.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 3,241 shares during the period. Thrivent Financial For Lutherans bought a new position in McGrath RentCorp in the 2nd quarter valued at about $246,000. Legal & General Group Plc raised its holdings in McGrath RentCorp by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock valued at $252,000 after acquiring an additional 172 shares during the period. Finally, Bank of America Corp DE raised its holdings in McGrath RentCorp by 9.7% in the 1st quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock valued at $316,000 after acquiring an additional 830 shares during the period. Institutional investors and hedge funds own 82.55% 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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