McGrath RentCorp (NASDAQ:MGRC)’s stock price rose 5.1% on Monday . The company traded as high as $54.35 and last traded at $53.78, approximately 118,813 shares were traded during mid-day trading. A decline of 19% from the average daily volume of 145,889 shares. The stock had previously closed at $51.16.
MGRC has been the subject of a number of analyst reports. Sidoti boosted their price objective on shares of McGrath RentCorp from $90.00 to $99.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Zacks Investment Research raised shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Saturday, February 29th. BidaskClub lowered shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Thursday, March 12th. Finally, ValuEngine lowered shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Friday, January 3rd.
The business’s 50-day moving average price is $65.97 and its two-hundred day moving average price is $71.55. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 1.29 and a beta of 0.77.
McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, February 25th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.13. McGrath RentCorp had a net margin of 16.98% and a return on equity of 15.98%. The firm had revenue of $147.22 million during the quarter, compared to the consensus estimate of $137.79 million. During the same period in the previous year, the firm earned $0.99 earnings per share. McGrath RentCorp’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate that McGrath RentCorp will post 3.97 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.12%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.38. The ex-dividend date is Tuesday, April 14th. McGrath RentCorp’s payout ratio is presently 38.17%.
A number of institutional investors have recently added to or reduced their stakes in MGRC. First Trust Advisors LP grew its holdings in McGrath RentCorp by 38.3% in the first quarter. First Trust Advisors LP now owns 104,416 shares of the financial services provider’s stock valued at $5,907,000 after purchasing an additional 28,900 shares during the period. Russell Investments Group Ltd. purchased a new stake in McGrath RentCorp in the third quarter valued at approximately $143,000. State Street Corp grew its holdings in McGrath RentCorp by 1.9% in the third quarter. State Street Corp now owns 554,232 shares of the financial services provider’s stock valued at $38,569,000 after purchasing an additional 10,403 shares during the period. California State Teachers Retirement System grew its holdings in McGrath RentCorp by 1.2% in the third quarter. California State Teachers Retirement System now owns 37,728 shares of the financial services provider’s stock valued at $2,625,000 after purchasing an additional 450 shares during the period. Finally, Point72 Asset Management L.P. purchased a new stake in McGrath RentCorp during the third quarter worth approximately $63,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.
McGrath RentCorp Company Profile (NASDAQ:MGRC)
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.