Brokerages Anticipate McGrath RentCorp (MGRC) to Post $0.81 EPS

McGrath RentCorp (NASDAQ:MGRC) has received a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One research analyst has rated the stock with a hold rating and one has given a strong buy rating to the company. McGrath RentCorp’s rating score has improved by 33.3% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.

Brokers have set a one year consensus price target of $70.00 for the company and are anticipating that the company will post $0.81 EPS for the current quarter, according to Zacks. Zacks has also given McGrath RentCorp an industry rank of 10 out of 257 based on the ratings given to its competitors.

MGRC has been the topic of a number of recent research reports. ValuEngine downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. BidaskClub upgraded McGrath RentCorp from a “strong sell” rating to a “sell” rating in a research report on Thursday, November 1st. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $61.00 price target for the company in a research report on Friday, November 2nd. Finally, Berenberg Bank initiated coverage on McGrath RentCorp in a research report on Wednesday, September 19th. They issued a “buy” rating and a $70.00 price target for the company.

In other McGrath RentCorp news, VP John Lieffrig sold 1,284 shares of the company’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $54.43, for a total value of $69,888.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John P. Skenesky sold 1,423 shares of the company’s stock in a transaction dated Friday, September 7th. The stock was sold at an average price of $55.75, for a total value of $79,332.25. Following the completion of the sale, the vice president now owns 1,716 shares of the company’s stock, valued at approximately $95,667. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,548 shares of company stock valued at $246,793. Company insiders own 2.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Morgan Stanley increased its position in McGrath RentCorp by 30.5% in the third quarter. Morgan Stanley now owns 130,267 shares of the financial services provider’s stock worth $7,096,000 after buying an additional 30,426 shares in the last quarter. Teachers Advisors LLC increased its position in McGrath RentCorp by 5.4% in the third quarter. Teachers Advisors LLC now owns 48,489 shares of the financial services provider’s stock worth $2,641,000 after buying an additional 2,485 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in McGrath RentCorp in the third quarter worth about $556,000. AQR Capital Management LLC grew its position in shares of McGrath RentCorp by 26.0% during the third quarter. AQR Capital Management LLC now owns 209,270 shares of the financial services provider’s stock worth $11,399,000 after purchasing an additional 43,168 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of McGrath RentCorp by 28.1% during the third quarter. Mackenzie Financial Corp now owns 112,920 shares of the financial services provider’s stock worth $6,151,000 after purchasing an additional 24,750 shares in the last quarter. Institutional investors and hedge funds own 81.92% of the company’s stock.

MGRC stock opened at $52.22 on Tuesday. McGrath RentCorp has a fifty-two week low of $42.98 and a fifty-two week high of $68.79. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of 24.40, a PEG ratio of 1.72 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Tuesday, October 30th. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.11. McGrath RentCorp had a return on equity of 12.61% and a net margin of 35.47%. The company had revenue of $143.10 million for the quarter, compared to the consensus estimate of $139.87 million. During the same quarter in the prior year, the company earned $0.69 earnings per share. McGrath RentCorp’s revenue was up 5.7% on a year-over-year basis. On average, equities research analysts forecast that McGrath RentCorp will post 2.95 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 31st. Shareholders of record on Wednesday, October 17th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date was Tuesday, October 16th. McGrath RentCorp’s payout ratio is 63.55%.

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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