Analysts forecast that McGrath RentCorp (NASDAQ:MGRC) will report earnings of $0.55 per share for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for McGrath RentCorp’s earnings, with the highest EPS estimate coming in at $0.56 and the lowest estimate coming in at $0.53. McGrath RentCorp reported earnings of $0.40 per share in the same quarter last year, which would indicate a positive year over year growth rate of 37.5%. The firm is expected to issue its next earnings results on Tuesday, February 27th.
According to Zacks, analysts expect that McGrath RentCorp will report full year earnings of $2.04 per share for the current fiscal year, with EPS estimates ranging from $2.03 to $2.05. For the next fiscal year, analysts anticipate that the company will report earnings of $2.23 per share, with EPS estimates ranging from $2.20 to $2.26. Zacks’ EPS averages are an average based on a survey of analysts that follow McGrath RentCorp.
McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.12. The firm had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 earnings per share.
Several equities analysts have recently weighed in on the stock. BidaskClub raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Saturday, August 5th. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a research report on Saturday, August 5th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st.
In related news, CFO Keith E. Pratt sold 1,412 shares of the firm’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $46.01, for a total transaction of $64,966.12. Following the transaction, the chief financial officer now directly owns 28,118 shares of the company’s stock, valued at $1,293,709.18. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Dennis P. Stradford sold 3,900 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $49.41, for a total transaction of $192,699.00. Following the transaction, the director now directly owns 5,000 shares in the company, valued at $247,050. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,389 shares of company stock worth $677,453. 4.60% of the stock is owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in McGrath RentCorp by 17.0% in the 1st quarter. Vanguard Group Inc. now owns 2,093,570 shares of the financial services provider’s stock valued at $70,282,000 after buying an additional 304,573 shares during the period. Dimensional Fund Advisors LP increased its holdings in McGrath RentCorp by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,781,300 shares of the financial services provider’s stock valued at $77,932,000 after buying an additional 35,195 shares during the period. Deprince Race & Zollo Inc. increased its holdings in McGrath RentCorp by 4.2% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock valued at $38,752,000 after buying an additional 45,353 shares during the period. State Street Corp increased its holdings in McGrath RentCorp by 4.7% in the 2nd quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock valued at $18,737,000 after buying an additional 24,511 shares during the period. Finally, Northern Trust Corp increased its holdings in McGrath RentCorp by 8.9% in the 2nd quarter. Northern Trust Corp now owns 511,116 shares of the financial services provider’s stock valued at $17,701,000 after buying an additional 41,984 shares during the period. 81.97% of the stock is currently owned by institutional investors and hedge funds.
McGrath RentCorp (MGRC) opened at $46.10 on Friday. The firm has a market cap of $1,102.59, a PE ratio of 24.15, a PEG ratio of 2.25 and a beta of 0.99. McGrath RentCorp has a 1 year low of $32.09 and a 1 year high of $49.66.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Tuesday, October 17th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date was Monday, October 16th. McGrath RentCorp’s dividend payout ratio is 54.74%.
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About McGrath RentCorp
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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