McGrath RentCorp (NASDAQ:MGRC) – Stock analysts at KeyCorp lowered their FY2016 earnings estimates for shares of McGrath RentCorp in a report issued on Monday. KeyCorp analyst J. Box now anticipates that the firm will post earnings per share of $1.59 for the year, down from their prior forecast of $1.65. KeyCorp also issued estimates for McGrath RentCorp’s Q4 2016 earnings at $0.44 EPS and FY2017 earnings at $1.66 EPS.
Other research analysts also recently issued reports about the company. Sidoti boosted their target price on McGrath RentCorp from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Wednesday, September 14th. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Friday, August 5th. Finally, TheStreet upgraded McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Friday, June 10th.
Shares of McGrath RentCorp (NASDAQ:MGRC) opened at 31.96 on Wednesday. The company’s 50 day moving average price is $31.75 and its 200 day moving average price is $28.65. McGrath RentCorp has a 52-week low of $21.46 and a 52-week high of $33.35. The stock has a market cap of $763.78 million, a PE ratio of 19.81 and a beta of 0.96.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, August 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.04. McGrath RentCorp had a return on equity of 12.96% and a net margin of 11.96%. The firm earned $103.10 million during the quarter, compared to analysts’ expectations of $98.58 million. During the same quarter last year, the business posted $0.32 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis.
Several hedge funds have recently modified their holdings of the company. Brown Advisory Inc. increased its stake in shares of McGrath RentCorp by 15.9% in the second quarter. Brown Advisory Inc. now owns 1,263,013 shares of the company’s stock worth $38,636,000 after buying an additional 173,600 shares during the last quarter. Bogle Investment Management L P DE bought a new stake in shares of McGrath RentCorp during the first quarter worth approximately $1,207,000. Mondrian Investment Partners LTD bought a new stake in shares of McGrath RentCorp during the first quarter worth approximately $3,629,000. Renaissance Technologies LLC increased its stake in shares of McGrath RentCorp by 83.5% in the first quarter. Renaissance Technologies LLC now owns 236,195 shares of the company’s stock worth $5,924,000 after buying an additional 107,508 shares during the last quarter. Finally, North Star Investment Management Corp. bought a new stake in shares of McGrath RentCorp during the first quarter worth approximately $562,000. Hedge funds and other institutional investors own 81.61% of the company’s stock.
In other McGrath RentCorp news, VP Trease Kristina Van sold 2,266 shares of the business’s stock in a transaction dated Wednesday, August 17th. The stock was sold at an average price of $31.74, for a total transaction of $71,922.84. Following the sale, the vice president now owns 16,236 shares in the company, valued at approximately $515,330.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Dennis C. Kakures sold 36,777 shares of the business’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $32.60, for a total value of $1,198,930.20. Following the sale, the chief executive officer now owns 314,224 shares in the company, valued at approximately $10,243,702.40. The disclosure for this sale can be found here. Company insiders own 5.00% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Monday, October 17th will be paid a dividend of $0.255 per share. The ex-dividend date is Thursday, October 13th. This represents a $1.02 annualized dividend and a yield of 3.19%. McGrath RentCorp’s payout ratio is presently 61.08%.
About McGrath RentCorp
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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