Brokerages Expect McGrath RentCorp (MGRC) Will Post Quarterly Sales of $113.50 Million
Wall Street analysts expect McGrath RentCorp (NASDAQ:MGRC) to report sales of $113.50 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for McGrath RentCorp’s earnings, with estimates ranging from $112.30 million to $114.70 million. McGrath RentCorp posted sales of $105.28 million during the same quarter last year, which would indicate a positive year over year growth rate of 7.8%. The company is scheduled to report its next earnings report on Tuesday, February 27th.
On average, analysts expect that McGrath RentCorp will report full year sales of $113.50 million for the current fiscal year, with estimates ranging from $452.10 million to $454.50 million. For the next financial year, analysts anticipate that the firm will post sales of $480.40 million per share, with estimates ranging from $478.40 million to $482.40 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow McGrath RentCorp.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, October 31st. The financial services provider reported $0.69 EPS for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. During the same period in the previous year, the company earned $0.54 EPS. McGrath RentCorp’s revenue for the quarter was up 11.0% on a year-over-year basis.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at $46.94 on Thursday. McGrath RentCorp has a 12 month low of $32.09 and a 12 month high of $49.66. The stock has a market cap of $1,121.10, a price-to-earnings ratio of 24.55, a PEG ratio of 2.29 and a beta of 1.02.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Wednesday, January 17th will be paid a dividend of $0.26 per share. The ex-dividend date is Tuesday, January 16th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. McGrath RentCorp’s dividend payout ratio is presently 54.74%.
In related news, Director Dennis P. Stradford sold 3,900 shares of McGrath RentCorp stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $49.41, for a total transaction of $192,699.00. Following the transaction, the director now 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 this hyperlink. Also, VP Keith E. Pratt sold 1,213 shares of McGrath RentCorp stock in a transaction on Monday, November 20th. The shares were sold at an average price of $46.52, for a total transaction of $56,428.76. Following the transaction, the vice president now owns 25,382 shares in the company, valued at approximately $1,180,770.64. The disclosure for this sale can be found here. Insiders have sold a total of 13,159 shares of company stock valued at $628,935 over the last three months. Corporate insiders own 4.60% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of McGrath RentCorp by 2.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,781,300 shares of the financial services provider’s stock valued at $77,932,000 after acquiring an additional 35,195 shares in the last quarter. State Street Corp lifted its holdings in shares of McGrath RentCorp by 4.7% during the 2nd quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock valued at $18,737,000 after acquiring an additional 24,511 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of McGrath RentCorp by 8.9% during the 2nd quarter. Northern Trust Corp now owns 511,116 shares of the financial services provider’s stock valued at $17,701,000 after acquiring an additional 41,984 shares in the last quarter. Walthausen & Co. LLC lifted its holdings in shares of McGrath RentCorp by 4.7% during the 3rd quarter. Walthausen & Co. LLC now owns 492,175 shares of the financial services provider’s stock valued at $21,533,000 after acquiring an additional 21,930 shares in the last quarter. Finally, HCSF Management LLC lifted its holdings in shares of McGrath RentCorp by 36.9% during the 2nd quarter. HCSF Management LLC now owns 387,830 shares of the financial services provider’s stock valued at $13,431,000 after acquiring an additional 104,610 shares in the last quarter. Institutional investors and hedge funds own 82.61% 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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