Zacks: Analysts Set $70.00 Price Target for McGrath RentCorp (MGRC)
McGrath RentCorp (NASDAQ:MGRC) has been assigned an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has assigned a strong buy recommendation to the company. McGrath RentCorp’s rating score has improved by 33.3% in the last 90 days as a result of various analysts’ upgrades and downgrades.
Analysts have set a 12 month consensus target price of $70.00 for the company and are predicting that the company will post $0.86 EPS for the current quarter, according to Zacks. Zacks has also given McGrath RentCorp an industry rank of 109 out of 255 based on the ratings given to its competitors.
MGRC has been the subject of several recent research reports. Berenberg Bank initiated coverage on shares of McGrath RentCorp in a report on Wednesday, September 19th. They issued a “buy” rating and a $70.00 price target for the company. ValuEngine lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 11th. Zacks Investment Research lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 4th. Finally, BidaskClub lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 20th.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Tuesday, July 31st. The financial services provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.64 by $0.01. McGrath RentCorp had a net margin of 34.37% and a return on equity of 11.91%. The business had revenue of $117.00 million during the quarter, compared to analyst estimates of $112.69 million. During the same quarter in the previous year, the business posted $0.48 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. Sell-side analysts expect that McGrath RentCorp will post 2.73 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Wednesday, October 17th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Tuesday, October 16th. McGrath RentCorp’s payout ratio is currently 63.55%.
In other news, VP John P. Skenesky sold 1,423 shares of McGrath RentCorp stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $55.75, for a total value of $79,332.25. Following the transaction, the vice president now owns 1,716 shares of the company’s stock, valued at approximately $95,667. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of MGRC. SG Americas Securities LLC purchased a new position in shares of McGrath RentCorp in the 1st quarter worth approximately $195,000. Schwab Charles Investment Management Inc. grew its position in shares of McGrath RentCorp by 1.1% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 183,472 shares of the financial services provider’s stock worth $9,851,000 after buying an additional 1,949 shares during the last quarter. Northern Trust Corp grew its position in shares of McGrath RentCorp by 1.1% in the 1st quarter. Northern Trust Corp now owns 512,594 shares of the financial services provider’s stock worth $27,521,000 after buying an additional 5,650 shares during the last quarter. Dimensional Fund Advisors LP grew its position in McGrath RentCorp by 0.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,816,206 shares of the financial services provider’s stock worth $97,512,000 after purchasing an additional 5,064 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in McGrath RentCorp during the 1st quarter worth approximately $881,000. 81.10% of the stock is currently owned by hedge funds and other institutional investors.
About McGrath RentCorp
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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