McGrath RentCorp (NASDAQ:MGRC) Hits New 1-Year Low – Here’s What Happened

McGrath RentCorp (NASDAQ:MGRC) shares hit a new 52-week low on Monday . The company traded as low as $97.07 and last traded at $97.38, with a volume of 110019 shares changing hands. The stock had previously closed at $101.47.

Analyst Ratings Changes

A number of research firms recently issued reports on MGRC. Oppenheimer increased their price objective on McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a report on Thursday, September 18th. Weiss Ratings downgraded shares of McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 30th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, McGrath RentCorp has an average rating of “Moderate Buy” and an average price target of $147.50.

McGrath RentCorp Stock Down 4.0%

The stock has a market capitalization of $2.40 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 1.18 and a beta of 0.55. The business’s 50 day simple moving average is $114.94 and its 200-day simple moving average is $116.61.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.11). McGrath RentCorp had a net margin of 15.62% and a return on equity of 12.59%. The firm had revenue of $256.44 million for the quarter, compared to analyst estimates of $266.62 million. During the same quarter in the prior year, the firm earned $1.87 earnings per share. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 31st. Stockholders of record on Friday, October 17th were paid a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vision One Management Partners LP raised its stake in shares of McGrath RentCorp by 1,061.3% during the third quarter. Vision One Management Partners LP now owns 23,412 shares of the financial services provider’s stock valued at $2,746,000 after acquiring an additional 21,396 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in McGrath RentCorp during the third quarter worth $3,268,000. Voleon Capital Management LP bought a new position in shares of McGrath RentCorp in the 3rd quarter worth about $204,000. Verition Fund Management LLC lifted its stake in McGrath RentCorp by 19.6% in the third quarter. Verition Fund Management LLC now owns 25,605 shares of the financial services provider’s stock valued at $3,003,000 after buying an additional 4,202 shares during the period. Finally, Qube Research & Technologies Ltd boosted its stake in McGrath RentCorp by 27.7% during the third quarter. Qube Research & Technologies Ltd now owns 215,232 shares of the financial services provider’s stock worth $25,247,000 after acquiring an additional 46,662 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.