McGrath RentCorp (MGRC) Stock Rating Upgraded by Zacks Investment Research
McGrath RentCorp (NASDAQ:MGRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The brokerage presently has a $45.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 8.93% from the stock’s previous close.
According to Zacks, “McGrath RentCorp is comprised of three business segments: Mobile Modular Management Corporation, their modular building rental group, RenTelco, their electronic test equipment rental group, and Enviroplex, their majority-owned subsidiary classroom manufacturing business. MMMC rents and sells modular buildings and accessories to fulfill customers’ space needs. These units are used as temporary offices adjacent to existing facilities, and are used as sales offices, construction field offices, classrooms, health care clinics, child care facilities and for a variety of other purposes. “
Separately, BidaskClub raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Monday, July 24th.
Shares of McGrath RentCorp (MGRC) opened at 41.31 on Friday. The stock has a market cap of $991.15 million, a PE ratio of 23.62 and a beta of 0.97. McGrath RentCorp has a 52-week low of $29.26 and a 52-week high of $41.48. The stock’s 50 day moving average is $34.31 and its 200 day moving average is $35.03.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 EPS for the quarter, topping the consensus estimate of $0.38 by $0.10. McGrath RentCorp had a net margin of 9.74% and a return on equity of 10.62%. The firm had revenue of $109.58 million for the quarter, compared to the consensus estimate of $105.36 million. During the same quarter in the previous year, the firm earned $0.38 earnings per share. The company’s quarterly revenue was up 6.3% compared to the same quarter last year. Equities research analysts forecast that McGrath RentCorp will post $1.86 earnings per share for the current year.
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In related news, Director Elizabeth A. Fetter sold 2,000 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $36.02, for a total transaction of $72,040.00. Following the sale, the director now owns 5,400 shares of the company’s stock, valued at $194,508. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Philip B. Hawkins sold 1,500 shares of the company’s stock in a transaction on Wednesday, May 10th. The shares were sold at an average price of $36.00, for a total transaction of $54,000.00. Following the sale, the vice president now directly owns 3,624 shares in the company, valued at approximately $130,464. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,500 shares of company stock worth $234,790. 4.60% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. GWM Advisors LLC acquired a new stake in McGrath RentCorp during the first quarter worth about $808,000. Martingale Asset Management L P increased its stake in McGrath RentCorp by 87.9% in the first quarter. Martingale Asset Management L P now owns 75,174 shares of the financial services provider’s stock worth $2,524,000 after buying an additional 35,174 shares during the last quarter. Airain ltd acquired a new stake in McGrath RentCorp during the first quarter worth about $201,000. Trexquant Investment LP increased its stake in McGrath RentCorp by 167.8% in the first quarter. Trexquant Investment LP now owns 24,200 shares of the financial services provider’s stock worth $812,000 after buying an additional 15,163 shares during the last quarter. Finally, BW Gestao de Investimentos Ltda. increased its stake in McGrath RentCorp by 6.8% in the first quarter. BW Gestao de Investimentos Ltda. now owns 18,325 shares of the financial services provider’s stock worth $615,000 after buying an additional 1,172 shares during the last quarter. 82.57% of the stock is currently owned by 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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