McGrath RentCorp (MGRC) Receives Consensus Rating of “Buy” from Analysts

Shares of McGrath RentCorp (NASDAQ:MGRC) have received a consensus broker rating score of 2.00 (Buy) from the two analysts that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company.

Brokers have set a one year consensus price target of $70.00 for the company and are forecasting that the company will post $0.62 earnings per share for the current quarter, according to Zacks. Zacks has also assigned McGrath RentCorp an industry rank of 99 out of 255 based on the ratings given to its competitors.

Several research firms recently weighed in on MGRC. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $69.00 target price for the company in a research note on Saturday, March 2nd. BidaskClub raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 23rd.

In other McGrath RentCorp news, VP Keith E. Pratt sold 3,049 shares of McGrath RentCorp stock in a transaction on Monday, March 4th. The shares were sold at an average price of $60.03, for a total transaction of $183,031.47. Following the completion of the transaction, the vice president now directly owns 26,342 shares of the company’s stock, valued at $1,581,310.26. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP John P. Skenesky sold 1,719 shares of McGrath RentCorp stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $59.01, for a total transaction of $101,438.19. Following the transaction, the vice president now directly owns 2,992 shares of the company’s stock, valued at $176,557.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 11,320 shares of company stock valued at $665,357. Company insiders own 2.00% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth $21,208,000. Walthausen & Co. LLC acquired a new stake in shares of McGrath RentCorp during the third quarter worth $18,024,000. BlackRock Inc. lifted its holdings in shares of McGrath RentCorp by 10.7% during the third quarter. BlackRock Inc. now owns 2,425,019 shares of the financial services provider’s stock worth $132,091,000 after buying an additional 235,373 shares in the last quarter. Matarin Capital Management LLC acquired a new stake in shares of McGrath RentCorp during the third quarter worth $7,564,000. Finally, RK Capital Management LLC lifted its holdings in shares of McGrath RentCorp by 50.8% during the third quarter. RK Capital Management LLC now owns 220,296 shares of the financial services provider’s stock worth $12,000,000 after buying an additional 74,235 shares in the last quarter. 85.16% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ:MGRC traded down $0.89 during midday trading on Friday, hitting $56.57. The stock had a trading volume of 110,829 shares, compared to its average volume of 123,481. McGrath RentCorp has a 12 month low of $45.85 and a 12 month high of $68.79. The stock has a market capitalization of $1.39 billion, a PE ratio of 18.07, a P/E/G ratio of 1.70 and a beta of 0.71.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, February 26th. The financial services provider reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.22. McGrath RentCorp had a net margin of 15.93% and a return on equity of 13.99%. The business had revenue of $133.11 million during the quarter, compared to analysts’ expectations of $129.63 million. During the same period last year, the business earned $0.62 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Research analysts predict that McGrath RentCorp will post 3.37 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Monday, April 15th will be given a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 2.65%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Friday, April 12th. McGrath RentCorp’s payout ratio is 43.45%.

McGrath RentCorp Company Profile

McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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