McGrath RentCorp (NASDAQ:MGRC) Rating Increased to Buy at BidaskClub

BidaskClub upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a hold rating to a buy rating in a research note published on Friday, January 5th.

Several other equities analysts have also recently issued reports on the stock. ValuEngine cut shares of McGrath RentCorp from a buy rating to a hold rating in a research report on Friday, December 1st. Zacks Investment Research upgraded shares of McGrath RentCorp from a hold rating to a strong-buy rating and set a $56.00 price target for the company in a research report on Friday, November 3rd. Finally, Oppenheimer restated a hold rating on shares of McGrath RentCorp in a research report on Wednesday, November 1st.

McGrath RentCorp (NASDAQ MGRC) opened at $48.95 on Friday. McGrath RentCorp has a 12-month low of $32.09 and a 12-month high of $49.66. The stock has a market cap of $1,160.00, a P/E ratio of 25.76, a P/E/G ratio of 2.19 and a beta of 1.02.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The firm had revenue of $135.39 million during the quarter, compared to analysts’ expectations of $124.90 million. During the same period in the prior year, the company posted $0.54 EPS. The company’s revenue was up 11.0% on a year-over-year basis. equities research analysts expect that McGrath RentCorp will post 2.04 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Wednesday, January 17th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.12%. The ex-dividend date of this dividend is Tuesday, January 16th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 54.74%.

In related news, VP Keith E. Pratt sold 1,213 shares of the stock in a transaction on Monday, November 20th. The shares were sold at an average price of $46.52, for a total transaction of $56,428.76. Following the transaction, the vice president now directly owns 25,382 shares of the company’s stock, valued at $1,180,770.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director William J. Dawson sold 4,000 shares of the stock in a transaction on Monday, November 27th. The stock was sold at an average price of $47.83, for a total transaction of $191,320.00. Following the transaction, the director now directly owns 15,543 shares in the company, valued at $743,421.69. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,159 shares of company stock valued at $628,935. 4.60% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Macquarie Group Ltd. bought a new position in McGrath RentCorp during the third quarter worth $121,000. SG Americas Securities LLC bought a new position in McGrath RentCorp during the third quarter worth $142,000. BNP Paribas Arbitrage SA boosted its stake in McGrath RentCorp by 260.7% during the second quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 3,241 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in McGrath RentCorp during the third quarter worth $233,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in McGrath RentCorp during the third quarter worth $297,000. 82.61% of the stock is currently owned by institutional investors and hedge funds.

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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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