McGrath RentCorp (NASDAQ:MGRC) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.

Separately, Oppenheimer initiated coverage on McGrath RentCorp in a report on Wednesday, September 25th. They issued an “outperform” rating and a $120.00 price objective for the company.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC opened at $105.22 on Tuesday. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 1.85 and a beta of 0.75. The business has a 50-day moving average of $105.67 and a 200-day moving average of $107.44. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, July 25th. The financial services provider reported $0.84 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.41). The company had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. McGrath RentCorp’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.14 EPS. On average, sell-side analysts expect that McGrath RentCorp will post 4.48 EPS for the current year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be paid a $0.475 dividend. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.81%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its position in McGrath RentCorp by 5.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after acquiring an additional 104 shares during the last quarter. Sei Investments Co. lifted its position in McGrath RentCorp by 2.9% during the first quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after acquiring an additional 126 shares during the last quarter. Arizona State Retirement System raised its position in shares of McGrath RentCorp by 2.1% in the second quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after buying an additional 141 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of McGrath RentCorp by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock valued at $1,108,000 after buying an additional 185 shares in the last quarter. Finally, Cim LLC raised its position in shares of McGrath RentCorp by 4.6% in the second quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after buying an additional 205 shares in the last quarter. 92.05% 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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.