McGrath RentCorp (MGRC) Receives Hold Rating from Oppenheimer Holdings, Inc.
Oppenheimer Holdings, Inc. reiterated their hold rating on shares of McGrath RentCorp (NASDAQ:MGRC) in a report issued on Wednesday morning. Oppenheimer Holdings also issued estimates for McGrath RentCorp’s FY2017 earnings at $2.03 EPS, Q1 2018 earnings at $0.38 EPS, Q2 2018 earnings at $0.52 EPS, Q3 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.57 EPS, FY2018 earnings at $2.20 EPS and FY2019 earnings at $2.40 EPS.
A number of other equities analysts also recently issued reports on the company. Zacks Investment Research downgraded McGrath RentCorp from a strong-buy rating to a hold rating in a research note on Wednesday, October 4th. BidaskClub upgraded McGrath RentCorp from a hold rating to a buy rating in a research note on Saturday, August 5th.
McGrath RentCorp (MGRC) opened at $47.96 on Wednesday. The stock has a market capitalization of $1,152.57, a PE ratio of 25.24, a price-to-earnings-growth ratio of 2.35 and a beta of 0.99. McGrath RentCorp has a 12 month low of $31.85 and a 12 month high of $49.66.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.12. The business had revenue of $135.39 million during the quarter, compared to the consensus estimate of $124.90 million. McGrath RentCorp had a return on equity of 11.44% and a net margin of 10.32%. The company’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.54 EPS. equities research analysts expect that McGrath RentCorp will post 2.04 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Shareholders of record on Tuesday, October 17th were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, October 16th. This represents a $1.04 annualized dividend and a dividend yield of 2.17%. McGrath RentCorp’s dividend payout ratio is currently 54.74%.
In other McGrath RentCorp news, VP John P. Skenesky sold 7,561 shares of McGrath RentCorp stock in a transaction that occurred on Friday, August 11th. The shares were sold at an average price of $38.47, for a total transaction of $290,871.67. Following 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 SEC, which is available through this link. Also, VP Kay Dashner sold 2,500 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the vice president now directly owns 6,998 shares in the company, valued at approximately $279,920. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,004 shares of company stock worth $587,138. Insiders own 4.60% of the company’s stock.
Several institutional investors have recently bought and sold shares of the business. Public Employees Retirement System of Ohio lifted its position 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. Legal & General Group Plc lifted its position in shares of McGrath RentCorp by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after buying an additional 172 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of McGrath RentCorp by 0.6% during the 1st quarter. California Public Employees Retirement System now owns 53,200 shares of the financial services provider’s stock worth $1,786,000 after buying an additional 300 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of 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 buying an additional 352 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of McGrath RentCorp by 2.0% during the 2nd quarter. Wells Fargo & Company MN now owns 18,013 shares of the financial services provider’s stock worth $625,000 after buying an additional 357 shares in the last quarter. 82.55% of the stock is currently owned by hedge funds and other institutional investors.
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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