Zacks: McGrath RentCorp (NASDAQ:MGRC) Receives Consensus Rating of “Buy” from Brokerages
Shares of McGrath RentCorp (NASDAQ:MGRC) have been given an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company.
Analysts have set a 12-month consensus price objective of $70.00 for the company and are forecasting that the company will post $0.73 EPS for the current quarter, according to Zacks. Zacks has also given McGrath RentCorp an industry rank of 36 out of 256 based on the ratings given to related companies.
MGRC has been the subject of several research reports. BidaskClub upgraded Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, June 20th. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a report on Wednesday, July 3rd.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC lifted its holdings in McGrath RentCorp by 186.6% in the fourth quarter. FMR LLC now owns 917 shares of the financial services provider’s stock valued at $47,000 after acquiring an additional 597 shares during the last quarter. Quantamental Technologies LLC acquired a new position in McGrath RentCorp in the first quarter valued at approximately $62,000. Denali Advisors LLC acquired a new position in McGrath RentCorp in the second quarter valued at approximately $106,000. Amundi Pioneer Asset Management Inc. acquired a new position in McGrath RentCorp in the fourth quarter valued at approximately $124,000. Finally, Advisor Group Inc. lifted its holdings in McGrath RentCorp by 16.5% in the fourth quarter. Advisor Group Inc. now owns 2,600 shares of the financial services provider’s stock valued at $135,000 after acquiring an additional 369 shares during the last quarter. Hedge funds and other institutional investors own 83.97% of the company’s stock.
NASDAQ:MGRC traded up $1.20 during trading hours on Friday, hitting $65.14. 97,309 shares of the stock were exchanged, compared to its average volume of 104,582. McGrath RentCorp has a 52-week low of $45.85 and a 52-week high of $65.48. The business’s fifty day simple moving average is $60.12. The firm has a market cap of $1.58 billion, a P/E ratio of 20.81, a P/E/G ratio of 1.88 and a beta of 0.80.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.62 by $0.13. McGrath RentCorp had a return on equity of 14.86% and a net margin of 16.18%. The company had revenue of $122.00 million during the quarter, compared to analyst estimates of $113.87 million. During the same period in the previous year, the business earned $0.59 EPS. McGrath RentCorp’s quarterly revenue was up 16.1% on a year-over-year basis. As a group, equities research analysts anticipate that McGrath RentCorp will post 3.4 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Wednesday, July 17th will be issued a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Tuesday, July 16th. McGrath RentCorp’s dividend payout ratio is currently 47.92%.
McGrath RentCorp Company Profile
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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