McGrath RentCorp (MGRC) Downgraded by BidaskClub
BidaskClub lowered shares of McGrath RentCorp (NASDAQ:MGRC) from a hold rating to a sell rating in a research note published on Thursday morning.
Other equities research analysts also recently issued reports about the stock. ValuEngine downgraded shares of McGrath RentCorp from a buy rating to a hold rating in a research note on Friday, December 1st. Oppenheimer restated a hold rating on shares of McGrath RentCorp in a research note on Wednesday, November 1st. Finally, Zacks Investment Research downgraded shares of McGrath RentCorp from a strong-buy rating to a hold rating in a research note on Wednesday, October 4th.
Shares of McGrath RentCorp (MGRC) traded up $1.02 during trading on Thursday, reaching $45.56. 157,902 shares of the company’s stock were exchanged, compared to its average volume of 74,286. The firm has a market capitalization of $1,094.90, a P/E ratio of 23.98, a price-to-earnings-growth ratio of 2.23 and a beta of 1.02. McGrath RentCorp has a 12-month low of $32.09 and a 12-month high of $49.66.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data 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 the consensus estimate of $124.90 million. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.54 earnings per share. analysts expect that McGrath RentCorp will post 2.04 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Wednesday, January 17th will be paid a $0.26 dividend. The ex-dividend date is Tuesday, January 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.28%. McGrath RentCorp’s payout ratio is currently 54.74%.
In other news, Director William J. Dawson sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 27th. The shares were sold at an average price of $47.83, for a total value of $191,320.00. Following the sale, the director now directly owns 15,543 shares in the company, valued at approximately $743,421.69. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dennis P. Stradford sold 3,900 shares of the firm’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 transaction of $192,699.00. Following the completion of the sale, the director now owns 5,000 shares in the company, valued at $247,050. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,159 shares of company stock worth $628,935. 4.60% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently bought and sold shares of MGRC. Chartwell Investment Partners LLC acquired a new stake in McGrath RentCorp during the 2nd quarter worth approximately $3,858,000. 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 buying an additional 104,610 shares during the period. Deprince Race & Zollo Inc. boosted its position in McGrath RentCorp by 4.2% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock worth $38,752,000 after buying an additional 45,353 shares during the period. SG Capital Management LLC acquired a new stake in McGrath RentCorp during the 3rd quarter worth approximately $1,934,000. Finally, Northern Trust Corp boosted its position in McGrath RentCorp by 8.9% during the 2nd quarter. Northern Trust Corp now owns 511,116 shares of the financial services provider’s stock worth $17,701,000 after buying an additional 41,984 shares during the period. Institutional investors own 82.61% of the company’s stock.
About McGrath RentCorp
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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