McGrath RentCorp (NASDAQ:MGRC) Upgraded at Zacks Research

Zacks Research upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a strong sell rating to a hold rating in a report published on Thursday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the stock. Weiss Ratings cut shares of McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, October 30th. Oppenheimer lifted their price objective on McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $143.00.

McGrath RentCorp Stock Performance

Shares of MGRC stock opened at $110.12 on Thursday. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $129.93. The firm has a market cap of $2.71 billion, a P/E ratio of 18.63, a P/E/G ratio of 1.07 and a beta of 0.50. The business’s 50 day moving average price is $104.99 and its 200-day moving average price is $113.95.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.72 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.11). The business had revenue of $256.44 million during the quarter, compared to analysts’ expectations of $266.62 million. McGrath RentCorp had a return on equity of 12.59% and a net margin of 15.62%.The business’s revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.87 EPS. As a group, equities analysts predict that McGrath RentCorp will post 6.18 EPS for the current year.

McGrath RentCorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 16th will be paid a $0.485 dividend. The ex-dividend date is Friday, January 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.8%. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

Insiders Place Their Bets

In other McGrath RentCorp news, SVP Gilda Malek sold 829 shares of McGrath RentCorp stock in a transaction on Monday, December 15th. The stock was sold at an average price of $107.29, for a total transaction of $88,943.41. Following the completion of the transaction, the senior vice president owned 4,068 shares in the company, valued at approximately $436,455.72. The trade was a 16.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On McGrath RentCorp

Large investors have recently modified their holdings of the stock. Chatham Capital Group Inc. increased its stake in McGrath RentCorp by 0.7% during the 4th quarter. Chatham Capital Group Inc. now owns 26,824 shares of the financial services provider’s stock valued at $2,815,000 after purchasing an additional 190 shares in the last quarter. Wedge Capital Management L L P NC increased its position in shares of McGrath RentCorp by 14.3% during the fourth quarter. Wedge Capital Management L L P NC now owns 22,811 shares of the financial services provider’s stock valued at $2,394,000 after acquiring an additional 2,855 shares in the last quarter. SG Americas Securities LLC raised its holdings in McGrath RentCorp by 240.3% in the 4th quarter. SG Americas Securities LLC now owns 31,308 shares of the financial services provider’s stock worth $3,285,000 after acquiring an additional 22,108 shares during the last quarter. Diversified Trust Co. lifted its position in McGrath RentCorp by 4.6% in the 4th quarter. Diversified Trust Co. now owns 2,332 shares of the financial services provider’s stock valued at $245,000 after acquiring an additional 103 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in McGrath RentCorp during the 3rd quarter valued at $307,000. Hedge funds and other institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Company Profile

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.