McGrath RentCorp (MGRC) Downgraded to “Sell” at Zacks Investment Research
McGrath RentCorp (NASDAQ:MGRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
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. “
MGRC has been the topic of several other research reports. TheStreet raised McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, June 10th. Sidoti raised their target price on McGrath RentCorp from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, September 14th.
McGrath RentCorp (NASDAQ:MGRC) opened at 31.78 on Thursday. The company has a market cap of $759.48 million, a PE ratio of 19.70 and a beta of 1.05. The stock has a 50 day moving average price of $31.79 and a 200 day moving average price of $29.10. McGrath RentCorp has a 1-year low of $21.46 and a 1-year high of $33.35.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.04. McGrath RentCorp had a return on equity of 12.96% and a net margin of 11.96%. The company had revenue of $103.10 million for the quarter, compared to analyst estimates of $98.58 million. During the same quarter last year, the firm earned $0.32 EPS. McGrath RentCorp’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities analysts forecast that McGrath RentCorp will post $1.62 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Monday, October 17th will be given a dividend of $0.255 per share. The ex-dividend date of this dividend is Thursday, October 13th. This represents a $1.02 annualized dividend and a dividend yield of 3.21%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 61.08%.
In other McGrath RentCorp news, VP Trease Kristina Van sold 2,266 shares of McGrath RentCorp stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $31.74, for a total value of $71,922.84. Following the completion of the transaction, the vice president now owns 16,236 shares in the company, valued at approximately $515,330.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Dennis C. Kakures sold 16,248 shares of McGrath RentCorp stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $32.63, for a total value of $530,172.24. Following the completion of the transaction, the chief executive officer now owns 314,224 shares of the company’s stock, valued at approximately $10,253,129.12. The disclosure for this sale can be found here. Corporate insiders own 5.00% of the company’s stock.
A number of institutional investors have recently modified their holdings of MGRC. Legal & General Group Plc increased its position in shares of McGrath RentCorp by 14.7% in the first quarter. Legal & General Group Plc now owns 5,090 shares of the company’s stock valued at $129,000 after buying an additional 652 shares during the last quarter. Royal Bank of Canada increased its position in shares of McGrath RentCorp by 44.3% in the second quarter. Royal Bank of Canada now owns 4,377 shares of the company’s stock valued at $134,000 after buying an additional 1,343 shares during the last quarter. BlackRock Inc. increased its position in shares of McGrath RentCorp by 338.3% in the second quarter. BlackRock Inc. now owns 6,684 shares of the company’s stock valued at $204,000 after buying an additional 5,159 shares during the last quarter. Norman Fields Gottscho Capital Management LLC acquired a new position in shares of McGrath RentCorp during the third quarter valued at about $227,000. Finally, Acadian Asset Management LLC acquired a new position in shares of McGrath RentCorp during the second quarter valued at about $239,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company with four rental divisions: relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The Company operates in 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).
Receive News & Stock Ratings for McGrath RentCorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for McGrath RentCorp and related stocks with our FREE daily email newsletter.