McGrath RentCorp (MGRC) Downgraded by Zacks Investment Research to Hold
McGrath RentCorp (NASDAQ:MGRC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued 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. “
MGRC has been the topic of several other research reports. BidaskClub upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday, December 21st. Oppenheimer reiterated a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st. Finally, ValuEngine downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st.
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. The firm had revenue of $135.39 million for the quarter, compared to the consensus estimate of $124.90 million. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 EPS. research analysts forecast that McGrath RentCorp will post 2.04 earnings per share for the current fiscal year.
In other McGrath RentCorp news, Director Dennis P. Stradford sold 3,900 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $49.41, for a total value of $192,699.00. Following the sale, the director now directly owns 5,000 shares in the company, valued at approximately $247,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Dawson sold 4,000 shares of the firm’s stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.83, for a total transaction of $191,320.00. Following the completion of the sale, the director now owns 15,543 shares in the company, valued at $743,421.69. The disclosure for this sale can be found here. Insiders sold a total of 13,159 shares of company stock worth $628,935 over the last 90 days. Company insiders own 4.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Algert Global LLC grew its position in McGrath RentCorp by 38.3% in the 3rd quarter. Algert Global LLC now owns 59,177 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 16,388 shares during the last quarter. Walthausen & Co. LLC grew its position in McGrath RentCorp by 4.7% in the 3rd quarter. Walthausen & Co. LLC now owns 492,175 shares of the financial services provider’s stock worth $21,533,000 after purchasing an additional 21,930 shares during the last quarter. California Public Employees Retirement System grew its position in McGrath RentCorp by 13.9% in the 3rd quarter. California Public Employees Retirement System now owns 59,916 shares of the financial services provider’s stock worth $2,621,000 after purchasing an additional 7,316 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in McGrath RentCorp in the 3rd quarter worth $233,000. Finally, Asset Management One Co. Ltd. grew its position in McGrath RentCorp by 40.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 81,400 shares of the financial services provider’s stock worth $3,584,000 after purchasing an additional 23,400 shares during the last quarter. Institutional investors own 82.61% 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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