McGrath RentCorp (NASDAQ:MGRC) was upgraded by analysts at BidaskClub from a “hold” rating to a “buy” rating in a note issued to investors on Saturday, August 5th.
Separately, Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research note on Saturday, August 5th.
McGrath RentCorp (NASDAQ MGRC) traded up 0.05% during midday trading on Friday, hitting $38.64. The company’s stock had a trading volume of 46,839 shares. The company has a market cap of $927.09 million, a PE ratio of 22.09 and a beta of 0.97. The stock has a 50 day moving average of $36.26 and a 200 day moving average of $35.19. McGrath RentCorp has a 52-week low of $29.26 and a 52-week high of $41.61.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The firm had revenue of $109.58 million for the quarter, compared to analysts’ expectations of $105.36 million. During the same period last year, the firm earned $0.38 earnings per share. The company’s revenue for the quarter was up 6.3% compared to the same quarter last year. On average, equities analysts expect that McGrath RentCorp will post $1.88 EPS for the current year.
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In related news, VP Keith E. Pratt sold 3,261 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $40.73, for a total value of $132,820.53. Following the sale, the vice president now directly owns 26,000 shares of the company’s stock, valued at $1,058,980. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John P. Skenesky sold 7,561 shares of the firm’s stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $38.47, for a total value of $290,871.67. Following the completion of the sale, the vice president now directly owns 6,387 shares in the company, valued at $245,707.89. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Public Employees Retirement System of Ohio boosted its stake in McGrath RentCorp by 0.5% in the second quarter. Public Employees Retirement System of Ohio now owns 11,166 shares of the financial services provider’s stock valued at $387,000 after buying an additional 56 shares during the last quarter. Mckinley Capital Management LLC Delaware boosted its stake in McGrath RentCorp by 1.7% in the first quarter. Mckinley Capital Management LLC Delaware now owns 7,769 shares of the financial services provider’s stock valued at $261,000 after buying an additional 130 shares during the last quarter. Legal & General Group Plc boosted its stake in McGrath RentCorp by 2.4% in the second quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock valued at $252,000 after buying an additional 172 shares during the last quarter. California Public Employees Retirement System boosted its stake in McGrath RentCorp by 0.6% in the first quarter. California Public Employees Retirement System now owns 53,200 shares of the financial services provider’s stock valued at $1,786,000 after buying an additional 300 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in McGrath RentCorp by 1.9% in the second quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock valued at $638,000 after buying an additional 352 shares during the last quarter. 82.61% of the stock is currently owned by 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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