McGrath RentCorp (NASDAQ:MGRC) Downgraded to “Strong Sell” Rating by Zacks Research

McGrath RentCorp (NASDAQ:MGRC) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday,Zacks.com reports.

MGRC has been the subject of several other research reports. Weiss Ratings cut McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 30th. Oppenheimer boosted their price objective on McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, McGrath RentCorp currently has a consensus rating of “Hold” and a consensus price target of $143.00.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $107.66 on Wednesday. The company has a market cap of $2.65 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 1.13 and a beta of 0.51. The firm has a fifty day moving average price of $107.51 and a two-hundred day moving average price of $114.99. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.11). McGrath RentCorp had a net margin of 15.62% and a return on equity of 12.59%. The company had revenue of $256.44 million for the quarter, compared to analyst estimates of $266.62 million. During the same period in the prior year, the company posted $1.87 EPS. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. Analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

Insider Activity at McGrath RentCorp

In related news, SVP Gilda Malek sold 829 shares of the business’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $107.29, for a total value of $88,943.41. Following the sale, the senior vice president owned 4,068 shares of the company’s stock, valued at $436,455.72. The trade was a 16.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On McGrath RentCorp

Several institutional investors and hedge funds have recently made changes to their positions in the company. Loomis Sayles & Co. L P grew its holdings in shares of McGrath RentCorp by 282.1% in the 2nd quarter. Loomis Sayles & Co. L P now owns 328,609 shares of the financial services provider’s stock worth $38,106,000 after purchasing an additional 242,598 shares during the last quarter. Allianz Asset Management GmbH lifted its holdings in McGrath RentCorp by 1,803.8% during the 2nd quarter. Allianz Asset Management GmbH now owns 180,195 shares of the financial services provider’s stock valued at $20,895,000 after purchasing an additional 170,730 shares during the last quarter. Raymond James Financial Inc. boosted its position in McGrath RentCorp by 102.8% in the third quarter. Raymond James Financial Inc. now owns 303,205 shares of the financial services provider’s stock valued at $35,566,000 after buying an additional 153,701 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in McGrath RentCorp by 13.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,038,460 shares of the financial services provider’s stock valued at $115,685,000 after buying an additional 120,829 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of McGrath RentCorp by 1,139.8% during the second quarter. Ameriprise Financial Inc. now owns 116,890 shares of the financial services provider’s stock worth $13,555,000 after buying an additional 107,462 shares in the last quarter. Institutional investors and hedge funds own 92.05% of the company’s stock.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.