McGrath RentCorp (NASDAQ:MGRC) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a hold rating to a buy rating in a research note released on Friday, January 5th.

Several other brokerages have also recently issued reports on MGRC. Zacks Investment Research cut shares of McGrath RentCorp from a strong-buy rating to a hold rating in a report on Wednesday, January 3rd. ValuEngine cut shares of McGrath RentCorp from a buy rating to a hold rating in a report on Friday, December 1st. Finally, Oppenheimer reissued a hold rating on shares of McGrath RentCorp in a report on Wednesday, November 1st.

Shares of McGrath RentCorp (NASDAQ MGRC) traded up $0.71 on Friday, hitting $49.66. 78,100 shares of the stock were exchanged, compared to its average volume of 97,689. The company has a market cap of $1,193.44, a price-to-earnings ratio of 26.14, a price-to-earnings-growth ratio of 2.23 and a beta of 1.02. McGrath RentCorp has a 52-week low of $32.09 and a 52-week high of $50.09.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The company had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. During the same period last year, the company posted $0.54 EPS. McGrath RentCorp’s revenue was up 11.0% on a year-over-year basis. analysts expect that McGrath RentCorp will post 2.04 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Investors of record on Wednesday, January 17th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, January 16th. This represents a $1.04 annualized dividend and a yield of 2.09%. McGrath RentCorp’s dividend payout ratio (DPR) is 54.74%.

In other McGrath RentCorp news, Director Dennis P. Stradford sold 3,900 shares of the company’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $49.41, for a total value of $192,699.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at $247,050. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Keith E. Pratt sold 2,284 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $47.00, for a total transaction of $107,348.00. Following the completion of the transaction, the chief financial officer now owns 28,118 shares of the company’s stock, valued at $1,321,546. The disclosure for this sale can be found here. Insiders have sold 13,159 shares of company stock valued at $628,935 over the last 90 days. 4.60% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. purchased a new stake in McGrath RentCorp during the third quarter valued at $121,000. SG Americas Securities LLC purchased a new stake in McGrath RentCorp during the third quarter valued at $142,000. BNP Paribas Arbitrage SA raised its stake in McGrath RentCorp by 260.7% during the second quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 3,241 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in McGrath RentCorp during the third quarter valued at $233,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in McGrath RentCorp during the third quarter valued at $297,000. 82.61% of the stock is currently owned by institutional investors.

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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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