McGrath RentCorp (MGRC) Sets New 1-Year High at $33.01
McGrath RentCorp (NASDAQ:MGRC) shares reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $33.01 and last traded at $32.73, with a volume of 24,471 shares traded. The stock had previously closed at $32.23.
Several research firms have issued reports on MGRC. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a report on Friday, August 5th. TheStreet upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Friday, June 10th.
The company’s 50 day moving average is $31.68 and its 200 day moving average is $28.01. The firm has a market capitalization of $781.46 million and a P/E ratio of 20.27.
McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Tuesday, August 2nd. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.34 by $0.04. The business had revenue of $103.10 million for the quarter, compared to the consensus estimate of $98.58 million. The company’s revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 earnings per share. On average, equities analysts forecast that McGrath RentCorp will post $1.64 earnings per share for the current fiscal year.
In other news, CFO Keith E. Pratt sold 2,426 shares of the business’s stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $29.81, for a total transaction of $72,319.06. Following the completion of the sale, the chief financial officer now directly owns 32,302 shares of the company’s stock, valued at $962,922.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Philip B. Hawkins sold 2,000 shares of the business’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $31.97, for a total transaction of $63,940.00. Following the sale, the vice president now directly owns 9,385 shares of the company’s stock, valued at $300,038.45. The disclosure for this sale can be found here.
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).
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