McGrath RentCorp (NASDAQ:MGRC) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, October 4th.
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. “
Separately, BidaskClub lowered McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th.
McGrath RentCorp (NASDAQ:MGRC) opened at 45.33 on Wednesday. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 25.92 and a beta of 0.97. McGrath RentCorp has a 1-year low of $29.27 and a 1-year high of $46.73. The firm has a 50-day moving average price of $42.35 and a 200 day moving average price of $36.87.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.10. The company had revenue of $109.58 million for the quarter, compared to analyst estimates of $105.36 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. McGrath RentCorp’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 EPS. On average, equities research analysts anticipate that McGrath RentCorp will post $1.88 EPS for the current fiscal year.
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In other news, VP Kay Dashner sold 2,500 shares of the stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the transaction, the vice president now owns 6,998 shares in the company, valued at approximately $279,920. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Trease Kristina Van sold 1,043 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $39.82, for a total value of $41,532.26. Following the completion of the transaction, the vice president now owns 18,973 shares in the company, valued at approximately $755,504.86. The disclosure for this sale can be found here. Insiders sold a total of 18,265 shares of company stock worth $719,958 in the last ninety days. 4.60% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio increased its holdings in shares of McGrath RentCorp by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 11,166 shares of the financial services provider’s stock valued at $387,000 after acquiring an additional 56 shares during the last quarter. Legal & General Group Plc grew its stake in McGrath RentCorp by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after buying an additional 172 shares during the last quarter. California Public Employees Retirement System grew its stake in McGrath RentCorp by 0.6% during the 1st quarter. California Public Employees Retirement System now owns 53,200 shares of the financial services provider’s stock worth $1,786,000 after buying an additional 300 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in McGrath RentCorp by 1.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock worth $638,000 after buying an additional 352 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in McGrath RentCorp by 2.0% during the 2nd quarter. Wells Fargo & Company MN now owns 18,013 shares of the financial services provider’s stock worth $625,000 after buying an additional 357 shares during the last quarter. Institutional investors and hedge funds own 82.54% of the company’s stock.
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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