McGrath RentCorp (NASDAQ:MGRC) Upgraded 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 released on Tuesday morning.

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

McGrath RentCorp Price Performance

Shares of MGRC stock opened at $105.98 on Tuesday. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86. The company has a market cap of $2.60 billion, a P/E ratio of 20.66, a P/E/G ratio of 1.85 and a beta of 0.75. The firm has a 50-day moving average of $105.64 and a 200-day moving average of $107.46.

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

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is currently 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

A number of hedge funds have recently modified their holdings of MGRC. Sei Investments Co. increased its position in McGrath RentCorp by 2.9% in the first quarter. Sei Investments Co. now owns 4,473 shares of the financial services provider’s stock worth $552,000 after buying an additional 126 shares during the last quarter. Arizona State Retirement System raised its stake in McGrath RentCorp by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 6,871 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 141 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in McGrath RentCorp by 1.8% during 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 purchasing an additional 185 shares during the last quarter. Cim LLC boosted its position in McGrath RentCorp by 4.6% during the second quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock worth $475,000 after purchasing an additional 205 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of McGrath RentCorp by 2.1% in the second quarter. AQR Capital Management LLC now owns 10,146 shares of the financial services provider’s stock worth $1,081,000 after purchasing an additional 207 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.