McGrath RentCorp (MGRC) Upgraded at BidaskClub

BidaskClub upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a sell rating to a hold rating in a research report sent to investors on Saturday morning, BidAskClub reports.

Separately, Zacks Investment Research upgraded shares of McGrath RentCorp from a hold rating to a buy rating and set a $54.00 price target on the stock in a research report on Friday, January 25th.

MGRC stock opened at $58.20 on Friday. McGrath RentCorp has a one year low of $45.85 and a one year high of $68.79. The firm has a market capitalization of $1.42 billion, a PE ratio of 18.59, a P/E/G ratio of 1.74 and a beta of 0.70.



McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, February 26th. The financial services provider reported $0.99 EPS for the quarter, topping the consensus estimate of $0.81 by $0.18. McGrath RentCorp had a net margin of 15.93% and a return on equity of 13.99%. The firm had revenue of $133.11 million for the quarter, compared to the consensus estimate of $129.63 million. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, research analysts expect that McGrath RentCorp will post 3.37 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Monday, April 15th will be given a $0.375 dividend. This represents a $1.50 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend is Friday, April 12th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.34. McGrath RentCorp’s payout ratio is currently 43.45%.

In related news, VP Trease Kristina Van sold 2,258 shares of the business’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $58.50, for a total value of $132,093.00. Following the sale, the vice president now owns 16,561 shares in the company, valued at $968,818.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John P. Skenesky sold 1,719 shares of the business’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $59.01, for a total transaction of $101,438.19. Following the completion of the sale, the vice president now owns 2,992 shares in the company, valued at approximately $176,557.92. The disclosure for this sale can be found here. Insiders sold 11,320 shares of company stock worth $665,357 in the last 90 days. 2.00% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new position in McGrath RentCorp during the fourth quarter valued at $21,208,000. BlackRock Inc. increased its position in McGrath RentCorp by 10.7% during the third quarter. BlackRock Inc. now owns 2,425,019 shares of the financial services provider’s stock valued at $132,091,000 after acquiring an additional 235,373 shares during the last quarter. Marshall Wace LLP bought a new position in McGrath RentCorp during the third quarter valued at $3,342,000. SG Capital Management LLC increased its position in McGrath RentCorp by 50.8% during the fourth quarter. SG Capital Management LLC now owns 158,406 shares of the financial services provider’s stock valued at $8,155,000 after acquiring an additional 53,379 shares during the last quarter. Finally, 361 Capital LLC bought a new position in McGrath RentCorp during the fourth quarter valued at $2,565,000. Institutional investors own 85.16% of the company’s stock.

McGrath RentCorp Company Profile

McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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