BidaskClub Upgrades McGrath RentCorp (MGRC) to Buy
McGrath RentCorp (NASDAQ:MGRC) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a report issued on Saturday.
Separately, Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Friday, June 9th.
Shares of McGrath RentCorp (NASDAQ MGRC) opened at 41.31 on Friday. The company’s 50-day moving average is $34.31 and its 200-day moving average is $35.03. The stock has a market capitalization of $991.15 million, a P/E ratio of 23.62 and a beta of 0.97. McGrath RentCorp has a one year low of $29.26 and a one year high of $41.48.
McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.10. The business had revenue of $109.58 million during the quarter, compared to the consensus estimate of $105.36 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The business’s revenue was up 6.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.38 EPS. On average, equities research analysts anticipate that McGrath RentCorp will post $1.86 earnings per share for the current year.
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In other news, Director Dennis P. Stradford sold 3,000 shares of McGrath RentCorp stock in a transaction on Wednesday, May 10th. The stock was sold at an average price of $36.25, for a total transaction of $108,750.00. Following the completion of the transaction, the director now owns 8,900 shares of the company’s stock, valued at approximately $322,625. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Elizabeth A. Fetter sold 2,000 shares of the business’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $36.02, for a total transaction of $72,040.00. Following the completion of the transaction, the director now directly owns 5,400 shares of the company’s stock, valued at approximately $194,508. The disclosure for this sale can be found here. Insiders have sold a total of 6,500 shares of company stock valued at $234,790 in the last ninety days. Corporate insiders own 4.60% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. US Bancorp DE increased its position in shares of McGrath RentCorp by 17,333.3% in the second quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after buying an additional 4,160 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of McGrath RentCorp by 260.7% in the second quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock valued at $155,000 after buying an additional 3,241 shares during the last quarter. Airain ltd purchased a new position in shares of McGrath RentCorp during the first quarter valued at $201,000. Legal & General Group Plc increased its position in shares of McGrath RentCorp by 2.4% in the second quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock valued at $252,000 after buying an additional 172 shares during the last quarter. Finally, Mckinley Capital Management LLC Delaware increased its position in shares of McGrath RentCorp by 1.7% in the first quarter. Mckinley Capital Management LLC Delaware now owns 7,769 shares of the financial services provider’s stock valued at $261,000 after buying an additional 130 shares during the last quarter. 82.64% of the stock is owned by hedge funds and other institutional investors.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through 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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