McGrath RentCorp (NASDAQ:MGRC) – Equities researchers at Oppenheimer Holdings boosted their FY2017 EPS estimates for shares of McGrath RentCorp in a research report issued to clients and investors on Wednesday, Zacks Investment Research reports. Oppenheimer Holdings analyst S. Schneeberger now anticipates that the financial services provider will earn $2.03 per share for the year, up from their prior estimate of $1.90. Oppenheimer Holdings has a “Hold” rating on the stock. Oppenheimer Holdings also issued estimates for McGrath RentCorp’s Q1 2018 earnings at $0.38 EPS, Q2 2018 earnings at $0.52 EPS, Q3 2018 earnings at $0.73 EPS, Q4 2018 earnings at $0.57 EPS, FY2018 earnings at $2.20 EPS and FY2019 earnings at $2.40 EPS.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.12. The company had revenue of $135.39 million during the quarter, compared to analyst estimates of $124.90 million. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The firm’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 EPS.
Other equities research analysts have also issued reports about the stock. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Saturday, August 5th.
Shares of McGrath RentCorp (MGRC) opened at $45.83 on Thursday. The firm has a market cap of $1,101.39, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 2.25 and a beta of 0.99. McGrath RentCorp has a 12 month low of $32.09 and a 12 month high of $49.66.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 31st. Shareholders of record on Tuesday, October 17th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Monday, October 16th. This represents a $1.04 dividend on an annualized basis and a yield of 2.27%. McGrath RentCorp’s dividend payout ratio is presently 54.74%.
In other news, VP Trease Kristina Van sold 3,400 shares of the business’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $39.61, for a total transaction of $134,674.00. Following the completion of the sale, the vice president now owns 15,030 shares of the company’s stock, valued at approximately $595,338.30. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Kay Dashner sold 2,500 shares of the business’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $40.00, for a total transaction of $100,000.00. Following the sale, the vice president now directly owns 6,998 shares of the company’s stock, valued at approximately $279,920. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,343 shares of company stock valued at $488,965. Company insiders own 4.60% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Macquarie Group Ltd. bought a new stake in shares of McGrath RentCorp during the 3rd quarter valued at $121,000. SG Americas Securities LLC bought a new stake in shares of McGrath RentCorp during the 3rd quarter valued at $142,000. US Bancorp DE grew its position in shares of McGrath RentCorp by 17,333.3% during the 2nd quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock valued at $145,000 after acquiring an additional 4,160 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of McGrath RentCorp by 260.7% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock valued at $155,000 after acquiring an additional 3,241 shares during the period. Finally, Thrivent Financial For Lutherans bought a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $246,000. 81.97% of the stock is owned by hedge funds and other 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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