McGrath RentCorp (NASDAQ:MGRC) Rating Increased to Buy at StockNews.com

McGrath RentCorp (NASDAQ:MGRCGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report issued on Thursday.

Shares of MGRC stock traded down $0.83 during trading hours on Thursday, hitting $74.17. 91,444 shares of the company’s stock traded hands, compared to its average volume of 83,509. The stock’s 50 day simple moving average is $81.52 and its 200 day simple moving average is $80.25. The stock has a market cap of $1.81 billion, a PE ratio of 19.94, a price-to-earnings-growth ratio of 1.86 and a beta of 0.79. McGrath RentCorp has a 12 month low of $67.08 and a 12 month high of $91.37.

McGrath RentCorp (NASDAQ:MGRCGet Rating) last announced its earnings results on Thursday, April 28th. The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. McGrath RentCorp had a net margin of 14.21% and a return on equity of 12.65%. The business had revenue of $145.37 million during the quarter, compared to the consensus estimate of $146.41 million. During the same quarter last year, the firm earned $0.71 earnings per share. McGrath RentCorp’s quarterly revenue was up 19.9% on a year-over-year basis. Equities analysts forecast that McGrath RentCorp will post 4.06 earnings per share for the current fiscal year.

In other McGrath RentCorp news, VP John P. Skenesky sold 2,000 shares of the firm’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $81.74, for a total value of $163,480.00. Following the completion of the sale, the vice president now directly owns 12,184 shares in the company, valued at $995,920.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dennis P. Stradford sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $83.20, for a total transaction of $83,200.00. Following the completion of the sale, the director now owns 9,200 shares of the company’s stock, valued at $765,440. The disclosure for this sale can be found here. Insiders have sold 4,400 shares of company stock valued at $361,690 in the last three months. 1.80% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of MGRC. DB Wealth Management Group LLC bought a new position in shares of McGrath RentCorp during the first quarter valued at about $26,000. Lazard Asset Management LLC bought a new stake in shares of McGrath RentCorp in the first quarter valued at approximately $51,000. Pinebridge Investments L.P. bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $80,000. Allspring Global Investments Holdings LLC bought a new stake in shares of McGrath RentCorp in the fourth quarter valued at approximately $122,000. Finally, PNC Financial Services Group Inc. bought a new stake in shares of McGrath RentCorp in the first quarter valued at approximately $168,000. Hedge funds and other institutional investors own 92.27% of the company’s stock.

About McGrath RentCorp (Get Rating)

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, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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