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. “
A number of other research firms have also weighed in on MGRC. Sidoti increased 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. TheStreet upgraded McGrath RentCorp from a hold rating to a buy rating in a research note on Friday, June 10th.
McGrath RentCorp (NASDAQ:MGRC) opened at 31.69 on Thursday. The company has a 50-day moving average of $31.82 and a 200-day moving average of $29.28. McGrath RentCorp has a 52 week low of $21.46 and a 52 week high of $33.35. The company has a market cap of $757.61 million, a PE ratio of 18.86 and a beta of 1.05.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, August 2nd. The company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. McGrath RentCorp had a return on equity of 12.96% and a net margin of 11.96%. The business had revenue of $103.10 million for the quarter, compared to analyst estimates of $98.58 million. During the same quarter last year, the firm posted $0.32 earnings per share. The business’s revenue was up 7.4% compared to the same quarter last year. On average, equities analysts expect that McGrath RentCorp will post $1.62 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Stockholders 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 dividend yield of 3.22%. McGrath RentCorp’s dividend payout ratio is currently 61.08%.
In related news, VP Trease Kristina Van sold 2,266 shares of the firm’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 of the company’s stock, valued at $515,330.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dennis P. Stradford sold 2,800 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were sold at an average price of $31.87, for a total value of $89,236.00. Following the sale, the director now directly owns 8,000 shares in the company, valued at approximately $254,960. The disclosure for this sale can be found here. Insiders own 5.00% of the company’s stock.
Large investors have recently modified their holdings of the stock. Legal & General Group Plc increased its stake in shares of McGrath RentCorp by 14.7% in the first quarter. Legal & General Group Plc now owns 5,090 shares of the company’s stock worth $129,000 after buying an additional 652 shares during the last quarter. Royal Bank of Canada increased its stake in shares of McGrath RentCorp by 44.3% in the second quarter. Royal Bank of Canada now owns 4,377 shares of the company’s stock worth $134,000 after buying an additional 1,343 shares during the last quarter. BlackRock Inc. increased its stake in shares of McGrath RentCorp by 338.3% in the second quarter. BlackRock Inc. now owns 6,684 shares of the company’s stock worth $204,000 after buying an additional 5,159 shares during the last quarter. Norman Fields Gottscho Capital Management LLC bought a new stake in shares of McGrath RentCorp during the third quarter worth $227,000. Finally, Acadian Asset Management LLC bought a new stake in shares of McGrath RentCorp during the second quarter worth $239,000. 81.64% of the stock is currently owned by institutional investors.
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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