Oppenheimer Brokers Raise Earnings Estimates for McGrath RentCorp (MGRC)

McGrath RentCorp (NASDAQ:MGRC) – Analysts at Oppenheimer upped their Q2 2019 earnings per share estimates for shares of McGrath RentCorp in a research report issued on Wednesday, May 1st. Oppenheimer analyst S. Schneeberger now expects that the financial services provider will earn $0.73 per share for the quarter, up from their previous forecast of $0.71. Oppenheimer also issued estimates for McGrath RentCorp’s Q3 2019 earnings at $0.98 EPS and FY2019 earnings at $3.40 EPS.

MGRC has been the topic of a number of other research reports. BidaskClub cut McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Friday, April 5th. Zacks Investment Research cut McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Saturday, February 23rd.

Shares of NASDAQ:MGRC opened at $64.60 on Friday. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 20.64, a P/E/G ratio of 1.84 and a beta of 0.72. McGrath RentCorp has a one year low of $45.85 and a one year high of $68.79.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.13. The firm had revenue of $122.00 million for the quarter, compared to analysts’ expectations of $113.87 million. McGrath RentCorp had a return on equity of 15.04% and a net margin of 16.18%. McGrath RentCorp’s quarterly revenue was up 16.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.59 EPS.

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Monday, April 15th were issued a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date was Friday, April 12th. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.34. McGrath RentCorp’s dividend payout ratio is 47.92%.

In other news, VP Keith E. Pratt sold 3,049 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $60.03, for a total transaction of $183,031.47. Following the sale, the vice president now owns 26,342 shares in the company, valued at $1,581,310.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John P. Skenesky sold 1,719 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $59.01, for a total value of $101,438.19. Following the sale, the vice president now owns 2,992 shares in the company, valued at approximately $176,557.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,320 shares of company stock worth $665,357. 2.00% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the company. Cutler Group LP acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth $25,000. FMR LLC boosted its holdings in shares of McGrath RentCorp by 186.6% during the fourth quarter. FMR LLC now owns 917 shares of the financial services provider’s stock worth $47,000 after purchasing an additional 597 shares during the last quarter. Quantamental Technologies LLC acquired a new stake in shares of McGrath RentCorp during the first quarter worth $62,000. Amundi Pioneer Asset Management Inc. acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth $124,000. Finally, Advisor Group Inc. boosted its holdings in shares of McGrath RentCorp by 16.5% during the fourth quarter. Advisor Group Inc. now owns 2,600 shares of the financial services provider’s stock worth $135,000 after purchasing an additional 369 shares during the last quarter. Institutional investors and hedge funds own 85.45% of the company’s stock.

About McGrath RentCorp

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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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