Zacks: Brokerages Expect McGrath RentCorp (MGRC) to Post $0.55 Earnings Per Share

Equities analysts forecast that McGrath RentCorp (NASDAQ:MGRC) will post earnings of $0.55 per share for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for McGrath RentCorp’s earnings. The highest EPS estimate is $0.56 and the lowest is $0.53. McGrath RentCorp reported earnings per share of $0.40 during the same quarter last year, which would suggest a positive year-over-year growth rate of 37.5%. The business is scheduled to announce its next earnings report on Tuesday, February 27th.

On average, analysts expect that McGrath RentCorp will report full-year earnings of $2.04 per share for the current year, with EPS estimates ranging from $2.03 to $2.05. For the next year, analysts expect that the company will report earnings of $2.23 per share, with EPS estimates ranging from $2.20 to $2.26. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow McGrath RentCorp.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data 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 business had revenue of $135.39 million for the quarter, compared to analyst estimates of $124.90 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. The company’s revenue for the quarter was up 11.0% on a year-over-year basis.

Several research firms have recently issued reports on MGRC. BidaskClub raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Thursday. Zacks Investment Research cut shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 3rd. Oppenheimer reaffirmed a “hold” rating on shares of McGrath RentCorp in a research note on Wednesday, November 1st. Finally, ValuEngine cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Friday, December 1st.

In other McGrath RentCorp news, Director Dennis P. Stradford sold 3,900 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at approximately $247,050. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director William J. Dawson sold 4,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 15,543 shares of the company’s stock, valued at approximately $743,421.69. The disclosure for this sale can be found here. In the last three months, insiders sold 13,159 shares of company stock valued at $628,935. Corporate insiders own 4.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. boosted its stake in shares of McGrath RentCorp by 3.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 162,836 shares of the financial services provider’s stock valued at $5,640,000 after purchasing an additional 4,754 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of 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 purchasing an additional 172 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of 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 purchasing an additional 3,241 shares in the last quarter. Prudential Financial Inc. boosted its stake in shares of McGrath RentCorp by 24.2% in the 2nd quarter. Prudential Financial Inc. now owns 72,066 shares of the financial services provider’s stock valued at $2,495,000 after purchasing an additional 14,030 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of McGrath RentCorp by 2.0% in the 2nd quarter. Wells Fargo & Company MN now owns 18,013 shares of the financial services provider’s stock valued at $625,000 after purchasing an additional 357 shares in the last quarter. 82.61% of the stock is owned by institutional investors and hedge funds.

Shares of McGrath RentCorp (MGRC) opened at $50.52 on Monday. McGrath RentCorp has a 12-month low of $32.09 and a 12-month high of $50.69. The stock has a market cap of $1,214.10, a P/E ratio of 26.59, a PEG ratio of 2.27 and a beta of 1.02.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Wednesday, January 17th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, January 16th. This represents a $1.04 annualized dividend and a yield of 2.06%. McGrath RentCorp’s dividend payout ratio is currently 54.74%.

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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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