McGrath RentCorp (NASDAQ:MGRC) Upgraded to “Buy” by StockNews.com

McGrath RentCorp (NASDAQ:MGRC – Get Rating) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

NASDAQ MGRC traded down $0.83 on Thursday, reaching $74.17. 91,444 shares of the stock were exchanged, compared to its average volume of 83,509. The company’s 50-day simple moving average is $81.52 and its two-hundred day simple moving average is $80.25. McGrath RentCorp has a one year low of $67.08 and a one year high of $91.37. The firm has a market capitalization of $1.81 billion, a PE ratio of 19.94, a PEG ratio of 1.86 and a beta of 0.79.

McGrath RentCorp (NASDAQ:MGRC – Get Rating) last released its quarterly earnings results on Thursday, April 28th. The financial services provider reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.20. The business had revenue of $145.37 million during the quarter, compared to analysts’ expectations of $146.41 million. McGrath RentCorp had a return on equity of 12.65% and a net margin of 14.21%. The firm’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.71 EPS. As a group, research analysts predict that McGrath RentCorp will post 4.06 earnings per share for the current year.

In related news, VP John P. Skenesky sold 2,000 shares of McGrath RentCorp stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $81.74, for a total transaction of $163,480.00. Following the completion of the transaction, the vice president now directly owns 12,184 shares of the company’s stock, valued at approximately $995,920.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dennis P. Stradford sold 1,000 shares of the company’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total value of $83,200.00. Following the completion of the transaction, the director now directly owns 9,200 shares in the company, valued at approximately $765,440. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,400 shares of company stock valued at $361,690. Company insiders own 1.80% of the company’s stock.

A number of hedge funds have recently modified their holdings of MGRC. Cim LLC lifted its position in McGrath RentCorp by 11.3% during the fourth quarter. Cim LLC now owns 4,766 shares of the financial services provider’s stock valued at $369,000 after acquiring an additional 484 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of McGrath RentCorp by 36.8% in the 4th quarter. American Century Companies Inc. now owns 103,576 shares of the financial services provider’s stock valued at $8,313,000 after buying an additional 27,862 shares during the period. Tudor Investment Corp Et Al grew its holdings in McGrath RentCorp by 29.4% during the third quarter. Tudor Investment Corp Et Al now owns 22,090 shares of the financial services provider’s stock worth $1,589,000 after acquiring an additional 5,020 shares during the period. Voloridge Investment Management LLC purchased a new position in McGrath RentCorp in the third quarter valued at $324,000. Finally, Wellington Management Group LLP raised its stake in shares of McGrath RentCorp by 0.3% during the 3rd quarter. Wellington Management Group LLP now owns 572,368 shares of the financial services provider’s stock worth $41,182,000 after buying an additional 1,507 shares during the period. 92.27% of the stock is currently owned by institutional investors.

About McGrath RentCorp (Get Rating)

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 related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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