McGrath RentCorp (MGRC) Expected to Post Earnings of $0.57 Per Share
Analysts predict that McGrath RentCorp (NASDAQ:MGRC) will announce $0.57 earnings per share for the current quarter, Zacks reports. Two analysts have made estimates for McGrath RentCorp’s earnings. McGrath RentCorp reported earnings per share of $0.54 during the same quarter last year, which indicates a positive year-over-year growth rate of 5.6%. The company is scheduled to report its next earnings report after the market closes on Tuesday, October 31st.
According to Zacks, analysts expect that McGrath RentCorp will report full-year earnings of $1.91 per share for the current financial year, with EPS estimates ranging from $1.90 to $1.91. For the next fiscal year, analysts forecast that the firm will report earnings of $2.02 per share, with EPS estimates ranging from $1.99 to $2.05. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side analysts that follow McGrath RentCorp.
McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.10. The business had revenue of $109.58 million during the quarter, compared to analyst estimates of $105.36 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. McGrath RentCorp’s revenue was up 6.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 earnings per share.
MGRC has been the subject of several recent research reports. BidaskClub upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research note on Saturday, August 5th.
Shares of McGrath RentCorp (NASDAQ MGRC) traded up 1.20% on Friday, hitting $45.67. The company had a trading volume of 53,711 shares. The firm has a 50-day moving average price of $41.22 and a 200 day moving average price of $36.35. McGrath RentCorp has a 12-month low of $29.26 and a 12-month high of $45.72. The company has a market capitalization of $1.10 billion, a P/E ratio of 26.11 and a beta of 0.97.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Tuesday, October 17th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, October 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.28%. McGrath RentCorp’s payout ratio is 59.43%.
In other news, VP John P. Skenesky sold 7,561 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $38.47, for a total transaction of $290,871.67. Following the completion of the transaction, the vice president now owns 6,387 shares of the company’s stock, valued at approximately $245,707.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Trease Kristina Van sold 3,400 shares of the business’s stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $39.61, for a total value of $134,674.00. Following the transaction, the vice president now directly owns 15,030 shares of the company’s stock, valued at approximately $595,338.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,265 shares of company stock valued at $719,958. Corporate insiders own 4.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised 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 worth $387,000 after buying an additional 56 shares in the last quarter. BW Gestao de Investimentos Ltda. increased its holdings in McGrath RentCorp by 6.3% in the 2nd quarter. BW Gestao de Investimentos Ltda. now owns 19,487 shares of the financial services provider’s stock worth $675,000 after purchasing an additional 1,162 shares in the last quarter. Susquehanna International Group LLP acquired a new position in McGrath RentCorp in the 2nd quarter worth about $780,000. The Manufacturers Life Insurance Company increased 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 in the last quarter. Finally, HCSF Management LLC increased its holdings in McGrath RentCorp by 36.9% in the 2nd quarter. HCSF Management LLC now owns 387,830 shares of the financial services provider’s stock worth $13,431,000 after purchasing an additional 104,610 shares in the last quarter. 82.54% of the stock is owned by institutional investors.
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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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