McGrath RentCorp (MGRC) Rating Lowered to Hold at BidaskClub

BidaskClub downgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a buy rating to a hold rating in a research report released on Thursday, January 11th.

A number of other equities analysts have also recently weighed in on MGRC. ValuEngine cut McGrath RentCorp from a buy rating to a hold rating in a research note on Friday, December 1st. Zacks Investment Research raised McGrath RentCorp from a hold rating to a strong-buy rating and set a $56.00 price target on the stock in a research note on Friday, November 3rd. Finally, Oppenheimer reissued a hold rating on shares of McGrath RentCorp in a research note on Wednesday, November 1st.

Shares of McGrath RentCorp (MGRC) traded up $0.50 during midday trading on Thursday, hitting $48.29. 86,767 shares of the company were exchanged, compared to its average volume of 75,142. McGrath RentCorp has a fifty-two week low of $32.09 and a fifty-two week high of $50.69. The company has a market capitalization of $1,148.73 and a PE ratio of 25.16.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.12. The firm had revenue of $135.39 million for the quarter, compared to analyst estimates of $124.90 million. McGrath RentCorp had a return on equity of 11.44% and a net margin of 10.32%. McGrath RentCorp’s revenue was up 11.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.54 earnings per share. equities analysts anticipate that McGrath RentCorp will post 2.03 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 31st. Investors of record on Wednesday, January 17th were paid a $0.26 dividend. The ex-dividend date of this dividend was Tuesday, January 16th. This represents a $1.04 dividend on an annualized basis and a yield of 2.15%. McGrath RentCorp’s dividend payout ratio is currently 54.74%.

In other McGrath RentCorp news, Director William J. Dawson sold 4,000 shares of McGrath RentCorp stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $47.83, for a total transaction of $191,320.00. Following the transaction, the director now owns 15,543 shares of the company’s stock, valued at approximately $743,421.69. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Keith E. Pratt sold 1,412 shares of McGrath RentCorp stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $46.01, for a total value of $64,966.12. Following the sale, the chief financial officer now owns 28,118 shares of the company’s stock, valued at $1,293,709.18. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 9,259 shares of company stock worth $436,236. Company insiders own 4.60% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its holdings in shares of McGrath RentCorp by 0.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 11,166 shares of the financial services provider’s stock valued at $387,000 after buying an additional 56 shares during the last quarter. Legal & General Group Plc lifted 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 worth $252,000 after purchasing an additional 172 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in McGrath RentCorp by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 352 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in 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 worth $625,000 after purchasing an additional 357 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in McGrath RentCorp by 3.1% in the 2nd quarter. D.A. Davidson & CO. now owns 13,750 shares of the financial services provider’s stock worth $476,000 after purchasing an additional 410 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

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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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