Weekly Research Analysts’ Ratings Updates for McGrath RentCorp (MGRC)

A number of firms have modified their ratings and price targets on shares of McGrath RentCorp (NASDAQ: MGRC) recently:

• 9/27/2024 – McGrath RentCorp was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
• 9/25/2024 – McGrath RentCorp is now covered by analysts at Oppenheimer Holdings Inc.. They set an “outperform” rating and a $120.00 price target on the stock.
• 9/19/2024 – McGrath RentCorp was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 9/11/2024 – McGrath RentCorp was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
• 9/3/2024 – McGrath RentCorp was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 8/22/2024 – McGrath RentCorp was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating.
• 8/14/2024 – McGrath RentCorp was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock traded up $0.10 during trading hours on Tuesday, reaching $105.38. The company’s stock had a trading volume of 193,271 shares, compared to its average volume of 240,079. The firm has a 50 day moving average price of $105.37 and a 200-day moving average price of $109.10. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The stock has a market cap of $2.59 billion, a P/E ratio of 20.54, a P/E/G ratio of 1.47 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.41). The firm had revenue of $212.60 million for 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%. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.14 earnings per share. As a group, sell-side analysts forecast that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be issued a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a yield of 1.80%. McGrath RentCorp’s payout ratio is 37.04%.

Hedge Funds Weigh In On McGrath RentCorp

Several hedge funds have recently added to or reduced their stakes in MGRC. Cim LLC boosted its position in McGrath RentCorp by 4.6% in the 2nd 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 during the period. Algert Global LLC purchased a new stake in McGrath RentCorp in the 2nd quarter valued at about $1,665,000. Murchinson Ltd. purchased a new stake in McGrath RentCorp in the 2nd quarter valued at about $7,466,000. Susquehanna Fundamental Investments LLC purchased a new stake in McGrath RentCorp in the 2nd quarter valued at about $498,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of McGrath RentCorp by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock worth $1,108,000 after purchasing an additional 185 shares during the period. 92.05% of the stock is currently owned by institutional investors.

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.