McGrath RentCorp (MGRC) Cut to “Hold” at Zacks Investment Research
McGrath RentCorp (NASDAQ:MGRC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors 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. “
Separately, BidaskClub cut McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 44.98 on Wednesday. McGrath RentCorp has a one year low of $29.27 and a one year high of $45.14. The company’s 50 day moving average price is $40.68 and its 200 day moving average price is $36.14. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of 25.72 and a beta of 0.97.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The business had revenue of $109.58 million for the quarter, compared to analysts’ expectations of $105.36 million. During the same quarter in the previous year, the business posted $0.38 EPS. McGrath RentCorp’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, analysts expect that McGrath RentCorp will post $1.88 earnings per share for the current fiscal year.
In related news, VP Trease Kristina Van sold 1,043 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $39.82, for a total transaction of $41,532.26. Following the completion of the transaction, the vice president now directly owns 18,973 shares in the company, valued at $755,504.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Kay Dashner sold 2,500 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the vice president now owns 6,998 shares of the company’s stock, valued at $279,920. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,265 shares of company stock worth $719,958. 4.60% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in MGRC. Public Employees Retirement System of Ohio lifted its stake in McGrath RentCorp by 0.5% in 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 acquiring an additional 56 shares in the last quarter. BW Gestao de Investimentos Ltda. boosted its position in McGrath RentCorp by 6.3% during the 2nd quarter. BW Gestao de Investimentos Ltda. now owns 19,487 shares of the financial services provider’s stock worth $675,000 after acquiring an additional 1,162 shares during the last quarter. Susquehanna International Group LLP acquired a new position in McGrath RentCorp during the 2nd quarter worth approximately $780,000. The Manufacturers Life Insurance Company boosted its position in McGrath RentCorp by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock worth $638,000 after acquiring an additional 352 shares during the last quarter. Finally, HCSF Management LLC boosted its position in McGrath RentCorp by 36.9% during the 2nd quarter. HCSF Management LLC now owns 387,830 shares of the financial services provider’s stock worth $13,431,000 after acquiring an additional 104,610 shares during the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.
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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