Zacks Research Downgrades McGrath RentCorp (NASDAQ:MGRC) to Strong Sell

McGrath RentCorp (NASDAQ:MGRC) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Oppenheimer increased their price objective on McGrath RentCorp from $139.00 to $143.00 and gave the company an “outperform” rating in a research note on Thursday, September 18th. Weiss Ratings downgraded McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 30th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, McGrath RentCorp currently has a consensus rating of “Hold” and a consensus target price of $143.00.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $107.66 on Wednesday. The company’s 50-day simple moving average is $107.51 and its 200-day simple moving average is $114.99. McGrath RentCorp has a 1 year low of $94.99 and a 1 year high of $129.93. The stock has a market capitalization of $2.65 billion, a PE ratio of 18.22, a P/E/G ratio of 1.13 and a beta of 0.51.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Thursday, October 23rd. The financial services provider reported $1.72 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.11). The business had revenue of $256.44 million for the quarter, compared to analysts’ expectations of $266.62 million. McGrath RentCorp had a return on equity of 12.59% and a net margin of 15.62%.McGrath RentCorp’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.87 earnings per share. On average, sell-side analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current year.

Insiders Place Their Bets

In other McGrath RentCorp news, SVP Gilda Malek sold 829 shares of McGrath RentCorp stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $107.29, for a total transaction of $88,943.41. Following the completion of the sale, the senior vice president directly owned 4,068 shares of the company’s stock, valued at $436,455.72. The trade was a 16.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On McGrath RentCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Aster Capital Management DIFC Ltd purchased a new stake in McGrath RentCorp during the third quarter worth approximately $29,000. Cullen Frost Bankers Inc. purchased a new position in McGrath RentCorp in the third quarter valued at approximately $30,000. EverSource Wealth Advisors LLC raised its holdings in McGrath RentCorp by 767.7% during the second quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 238 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in McGrath RentCorp during the second quarter worth approximately $37,000. Finally, Danske Bank A S purchased a new stake in shares of McGrath RentCorp during the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds 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.