Zacks Investment Research downgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a buy rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “McGrath RentCorp is comprised of three business segments: Mobile Modular Management Corporation, their modular building rental group, RenTelco, their electronic test equipment rental group, and Enviroplex, their majority-owned subsidiary classroom manufacturing business. MMMC rents and sells modular buildings and accessories to fulfill customers’ space needs. These units are used as temporary offices adjacent to existing facilities, and are used as sales offices, construction field offices, classrooms, health care clinics, child care facilities and for a variety of other purposes. “
Shares of McGrath RentCorp (MGRC) traded down 0.61% during mid-day trading on Wednesday, hitting $34.42. 23,856 shares of the stock were exchanged. McGrath RentCorp has a one year low of $29.26 and a one year high of $39.86. The stock has a market cap of $825.43 million, a PE ratio of 20.76 and a beta of 0.97. The company has a 50-day moving average of $34.03 and a 200 day moving average of $35.71.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Tuesday, May 2nd. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.05. McGrath RentCorp had a net margin of 9.33% and a return on equity of 10.14%. The company had revenue of $94.84 million during the quarter, compared to analyst estimates of $95.10 million. On average, equities analysts predict that McGrath RentCorp will post $1.77 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Stockholders of record on Monday, July 17th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Thursday, July 13th. McGrath RentCorp’s payout ratio is currently 63.03%.
In other news, Director Dennis P. Stradford sold 3,000 shares of the stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $36.25, for a total value of $108,750.00. Following the completion of the sale, the director now owns 8,900 shares of the company’s stock, valued at $322,625. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph F. Hanna sold 6,000 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $34.55, for a total transaction of $207,300.00. Following the completion of the sale, the chief executive officer now directly owns 30,087 shares of the company’s stock, valued at approximately $1,039,505.85. The disclosure for this sale can be found here. Insiders sold 12,500 shares of company stock valued at $442,090 in the last three months. Company insiders own 4.60% of the company’s stock.
Several large investors have recently added to or reduced their stakes in MGRC. Airain ltd acquired a new stake in McGrath RentCorp during the first quarter valued at about $201,000. Mckinley Capital Management LLC Delaware raised 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. Bank of America Corp DE raised its stake in McGrath RentCorp by 9.7% in the first quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock valued at $316,000 after buying an additional 830 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in McGrath RentCorp during the first quarter valued at about $360,000. Finally, Public Employees Retirement System of Ohio raised its stake in McGrath RentCorp by 11.3% in the first quarter. Public Employees Retirement System of Ohio now owns 11,110 shares of the financial services provider’s stock valued at $373,000 after buying an additional 1,128 shares during the last quarter. 82.52% of the stock is 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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