Zacks: Brokerages Expect McGrath RentCorp (MGRC) Will Announce Earnings of $0.55 Per Share

Equities analysts expect that McGrath RentCorp (NASDAQ:MGRC) will report earnings per share of $0.55 for the current fiscal quarter, Zacks reports. Two analysts have made estimates for McGrath RentCorp’s earnings, with the lowest EPS estimate coming in at $0.53 and the highest estimate coming in at $0.56. McGrath RentCorp posted earnings of $0.40 per share during the same quarter last year, which would indicate a positive year over year growth rate of 37.5%. The business is expected to announce its next quarterly earnings results on Tuesday, February 27th.

According to Zacks, analysts expect that McGrath RentCorp will report full year earnings of $2.04 per share for the current fiscal year, with EPS estimates ranging from $2.03 to $2.05. For the next year, analysts forecast that the business will post earnings of $2.23 per share, with EPS estimates ranging from $2.20 to $2.26. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that follow McGrath RentCorp.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, October 31st. The financial services provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The company had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. During the same period last year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was up 11.0% on a year-over-year basis.

Several research analysts have commented on MGRC shares. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Saturday, August 5th. Oppenheimer reissued a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st. Finally, ValuEngine lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Friday.

In related news, VP Trease Kristina Van sold 3,400 shares of the firm’s stock in a transaction that occurred on Thursday, September 7th. The shares were sold at an average price of $39.61, for a total transaction of $134,674.00. Following the transaction, the vice president now owns 15,030 shares of the company’s stock, valued at $595,338.30. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William J. Dawson sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.83, for a total transaction of $191,320.00. Following the transaction, the director now directly owns 15,543 shares in the company, valued at approximately $743,421.69. The disclosure for this sale can be found here. Insiders sold 17,602 shares of company stock valued at $805,142 over the last three months. 4.60% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Public Employees Retirement System of Ohio raised its position in McGrath RentCorp by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 11,166 shares of the financial services provider’s stock valued at $387,000 after acquiring an additional 56 shares in the last quarter. Legal & General Group Plc raised 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 valued at $252,000 after acquiring an additional 172 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in McGrath RentCorp by 1.9% during the second quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock valued at $638,000 after acquiring an additional 352 shares in the last quarter. Wells Fargo & Company MN raised its position in McGrath RentCorp by 2.0% during the second quarter. Wells Fargo & Company MN now owns 18,013 shares of the financial services provider’s stock valued at $625,000 after acquiring an additional 357 shares in the last quarter. Finally, D.A. Davidson & CO. raised its position in shares of McGrath RentCorp by 3.1% in the second quarter. D.A. Davidson & CO. now owns 13,750 shares of the financial services provider’s stock valued at $476,000 after purchasing an additional 410 shares during the period. 82.62% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp (NASDAQ MGRC) opened at $46.95 on Friday. McGrath RentCorp has a fifty-two week low of $32.09 and a fifty-two week high of $49.66. The company has a market cap of $1,159.31, a PE ratio of 25.39, a price-to-earnings-growth ratio of 2.36 and a beta of 0.99.

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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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Earnings History and Estimates for McGrath RentCorp (NASDAQ:MGRC)

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