McGrath RentCorp (NASDAQ:MGRC) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of McGrath RentCorp (NASDAQ:MGRCGet Rating) from a hold rating to a buy rating in a research report report published on Thursday.

NASDAQ:MGRC opened at $74.17 on Thursday. The firm has a 50-day moving average of $81.52 and a 200-day moving average of $80.25. The company has a market cap of $1.81 billion, a PE ratio of 19.94, a PEG ratio of 1.86 and a beta of 0.79. McGrath RentCorp has a one year low of $67.08 and a one year high of $91.37.

McGrath RentCorp (NASDAQ:MGRCGet Rating) last issued its quarterly earnings data on Thursday, April 28th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.20. McGrath RentCorp had a net margin of 14.21% and a return on equity of 12.65%. The business had revenue of $145.37 million during the quarter, compared to the consensus estimate of $146.41 million. During the same period in the prior year, the firm posted $0.71 EPS. The firm’s quarterly revenue was up 19.9% compared to the same quarter last year. As a group, equities research analysts predict that McGrath RentCorp will post 4.06 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 29th. Stockholders of record on Friday, July 15th will be given a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, July 14th. McGrath RentCorp’s dividend payout ratio is currently 48.92%.

In other news, VP John P. Skenesky sold 2,000 shares of the stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $81.74, for a total transaction of $163,480.00. Following the completion of the transaction, the vice president now directly owns 12,184 shares of the company’s stock, valued at approximately $995,920.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dennis P. Stradford sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total transaction of $83,200.00. Following the sale, the director now owns 9,200 shares in the company, valued at $765,440. The disclosure for this sale can be found here. Insiders have sold a total of 4,400 shares of company stock valued at $361,690 over the last three months. Insiders own 1.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in MGRC. River Road Asset Management LLC lifted its stake in shares of McGrath RentCorp by 178.1% during the 4th quarter. River Road Asset Management LLC now owns 439,586 shares of the financial services provider’s stock valued at $35,281,000 after buying an additional 281,505 shares in the last quarter. Snyder Capital Management L P purchased a new stake in shares of McGrath RentCorp during the 1st quarter valued at approximately $8,963,000. Victory Capital Management Inc. lifted its stake in shares of McGrath RentCorp by 5.0% during the 1st quarter. Victory Capital Management Inc. now owns 1,360,693 shares of the financial services provider’s stock valued at $115,373,000 after buying an additional 65,223 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of McGrath RentCorp by 70.9% during the 4th quarter. JPMorgan Chase & Co. now owns 134,664 shares of the financial services provider’s stock valued at $10,808,000 after buying an additional 55,880 shares in the last quarter. Finally, Raymond James & Associates purchased a new stake in shares of McGrath RentCorp during the 1st quarter valued at approximately $4,262,000. Institutional investors own 92.27% of the company’s stock.

McGrath RentCorp Company Profile (Get Rating)

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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