Analysts Offer Predictions for McGrath RentCorp’s FY2016 Earnings (MGRC)
McGrath RentCorp (NASDAQ:MGRC) – Investment analysts at KeyCorp lowered their FY2016 earnings per share (EPS) estimates for McGrath RentCorp in a note issued to investors on Monday. KeyCorp analyst J. Box now expects that the brokerage will post earnings of $1.59 per share for the year, down from their previous estimate of $1.65. KeyCorp also issued estimates for McGrath RentCorp’s Q4 2016 earnings at $0.44 EPS and FY2017 earnings at $1.66 EPS.
A number of other analysts also recently weighed in on MGRC. TheStreet raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a report on Friday, June 10th. Zacks Investment Research downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. Finally, Sidoti increased their price target on shares of McGrath RentCorp from $36.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, September 14th.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 31.96 on Wednesday. The stock has a 50 day moving average of $31.75 and a 200-day moving average of $28.65. McGrath RentCorp has a 52 week low of $21.46 and a 52 week high of $33.35. The firm has a market capitalization of $763.78 million, a price-to-earnings ratio of 19.81 and a beta of 0.96.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The company earned $103.10 million during the quarter, compared to analyst estimates of $98.58 million. McGrath RentCorp had a net margin of 11.96% and a return on equity of 12.96%. The business’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.32 EPS.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Monday, October 17th will be paid a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date is Thursday, October 13th. McGrath RentCorp’s dividend payout ratio is 61.08%.
In related news, CEO Dennis C. Kakures sold 36,777 shares of the stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $32.60, for a total transaction of $1,198,930.20. Following the completion of the sale, the chief executive officer now owns 314,224 shares in the company, valued at approximately $10,243,702.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Trease Kristina Van sold 2,266 shares of the stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $31.74, for a total transaction of $71,922.84. Following the sale, the vice president now owns 16,236 shares of the company’s stock, valued at approximately $515,330.64. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of McGrath RentCorp by 4.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,633,182 shares of the company’s stock worth $49,958,000 after buying an additional 63,570 shares during the period. Deprince Race & Zollo Inc. boosted its stake in shares of McGrath RentCorp by 12.9% in the second quarter. Deprince Race & Zollo Inc. now owns 1,356,485 shares of the company’s stock worth $41,495,000 after buying an additional 154,966 shares during the period. Brown Advisory Inc. boosted its stake in shares of McGrath RentCorp by 15.9% in the second quarter. Brown Advisory Inc. now owns 1,263,013 shares of the company’s stock worth $38,636,000 after buying an additional 173,600 shares during the period. Allianz Asset Management AG boosted its stake in shares of McGrath RentCorp by 1.5% in the second quarter. Allianz Asset Management AG now owns 701,176 shares of the company’s stock worth $21,449,000 after buying an additional 10,375 shares during the period. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of McGrath RentCorp by 4.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 636,916 shares of the company’s stock worth $15,974,000 after buying an additional 24,942 shares during the period. Institutional investors and hedge funds own 81.61% of the company’s stock.
About McGrath RentCorp
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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