McGrath RentCorp (NASDAQ:MGRC) Rating Lowered to Sell at ValuEngine

ValuEngine cut shares of McGrath RentCorp (NASDAQ:MGRC) from a hold rating to a sell rating in a research note published on Thursday, ValuEngine reports.

MGRC has been the topic of several other research reports. Sidoti lifted their target price on McGrath RentCorp from $83.00 to $86.00 and gave the company a buy rating in a research report on Thursday, September 12th. Zacks Investment Research raised McGrath RentCorp from a hold rating to a strong-buy rating and set a $90.00 target price on the stock in a research report on Friday, November 1st. Finally, BidaskClub raised McGrath RentCorp from a hold rating to a buy rating in a research report on Tuesday, September 17th.

Shares of McGrath RentCorp stock traded up $0.16 during midday trading on Thursday, reaching $73.18. The company had a trading volume of 95,500 shares, compared to its average volume of 130,845. The firm has a market cap of $1.77 billion, a PE ratio of 23.38, a P/E/G ratio of 1.95 and a beta of 0.79. McGrath RentCorp has a fifty-two week low of $48.20 and a fifty-two week high of $80.47. The stock has a fifty day moving average price of $70.00 and a 200 day moving average price of $64.85.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, October 29th. The financial services provider reported $1.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.30. The company had revenue of $173.60 million for the quarter, compared to analysts’ expectations of $150.77 million. McGrath RentCorp had a return on equity of 16.03% and a net margin of 17.02%. McGrath RentCorp’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.01 earnings per share. Research analysts forecast that McGrath RentCorp will post 3.75 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Thursday, October 17th were given a dividend of $0.375 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $1.50 annualized dividend and a dividend yield of 2.05%. McGrath RentCorp’s payout ratio is 47.92%.

In other McGrath RentCorp news, VP Philip B. Hawkins sold 3,310 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $65.54, for a total value of $216,937.40. Following the transaction, the vice president now owns 6,071 shares of the company’s stock, valued at $397,893.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP David M. Whitney sold 557 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $75.58, for a total value of $42,098.06. Following the completion of the transaction, the vice president now directly owns 5,885 shares in the company, valued at approximately $444,788.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,324 shares of company stock worth $1,010,332. 1.80% of the stock is owned by insiders.

Hedge funds have recently bought and sold shares of the business. CWM LLC boosted its position in McGrath RentCorp by 1,847.4% in the third quarter. CWM LLC now owns 370 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 351 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in McGrath RentCorp in the second quarter worth $44,000. Krane Funds Advisors LLC purchased a new position in McGrath RentCorp in the second quarter worth $61,000. Denali Advisors LLC purchased a new position in McGrath RentCorp in the second quarter worth $106,000. Finally, Bank of Montreal Can boosted its position in McGrath RentCorp by 1,015.0% in the second quarter. Bank of Montreal Can now owns 2,230 shares of the financial services provider’s stock worth $138,000 after purchasing an additional 2,030 shares during the last quarter. 85.59% of the stock is currently owned by institutional investors and hedge funds.

About McGrath RentCorp

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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