McGrath RentCorp (MGRC) Reaches New 52-Week High at $33.01
McGrath RentCorp (NASDAQ:MGRC) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $33.01 and last traded at $32.73, with a volume of 24,471 shares. The stock had previously closed at $32.23.
A number of brokerages recently issued reports on MGRC. TheStreet upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, June 10th. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 price target for the company in a research note on Friday, August 5th.
The company has a market capitalization of $781.46 million and a price-to-earnings ratio of 20.27. The firm has a 50 day moving average of $31.71 and a 200 day moving average of $28.04.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.04. The company had revenue of $103.10 million for the quarter, compared to analysts’ expectations of $98.58 million. The company’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.32 earnings per share. Analysts expect that McGrath RentCorp will post $1.64 earnings per share for the current fiscal year.
In other news, CFO Keith E. Pratt sold 1,362 shares of the stock in a transaction dated Wednesday, June 15th. The shares were sold at an average price of $30.20, for a total transaction of $41,132.40. Following the transaction, the chief financial officer now directly owns 30,000 shares in the company, valued at approximately $906,000. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Randle F. Rose sold 3,000 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $30.14, for a total transaction of $90,420.00. Following the transaction, the chief accounting officer now owns 17,916 shares in the company, valued at $539,988.24. 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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