Wall Street analysts expect McGrath RentCorp (NASDAQ:MGRC) to post sales of $127.10 million for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for McGrath RentCorp’s earnings, with the lowest sales estimate coming in at $125.80 million and the highest estimate coming in at $128.40 million. McGrath RentCorp reported sales of $121.99 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 4.2%. The firm is scheduled to issue its next earnings report after the market closes on Tuesday, October 31st.
According to Zacks, analysts expect that McGrath RentCorp will report full-year sales of $127.10 million for the current year, with estimates ranging from $441.20 million to $442.00 million. For the next year, analysts forecast that the business will post sales of $454.65 million per share, with estimates ranging from $452.50 million to $456.80 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that cover McGrath RentCorp.
McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Wednesday, August 2nd. The financial services provider reported $0.48 EPS for the quarter, beating the consensus estimate of $0.38 by $0.10. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The firm had revenue of $109.58 million for the quarter, compared to analysts’ expectations of $105.36 million. During the same period last year, the firm earned $0.38 EPS. The firm’s revenue was up 6.3% compared to the same quarter last year.
MGRC has been the topic of several recent analyst reports. Zacks Investment Research downgraded McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. BidaskClub downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th.
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In other news, VP John P. Skenesky sold 7,561 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $38.47, for a total value of $290,871.67. Following the transaction, the vice president now directly owns 6,387 shares of the company’s stock, valued at approximately $245,707.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Keith E. Pratt sold 3,261 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $40.73, for a total value of $132,820.53. Following the completion of the transaction, the vice president now directly owns 26,000 shares in the company, valued at $1,058,980. The disclosure for this sale can be found here. Insiders sold a total of 18,265 shares of company stock worth $719,958 over the last three months. 4.60% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in MGRC. US Bancorp DE boosted its holdings in shares of McGrath RentCorp by 17,333.3% in the 2nd quarter. US Bancorp DE now owns 4,184 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 4,160 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in shares of McGrath RentCorp by 260.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,484 shares of the financial services provider’s stock worth $155,000 after acquiring an additional 3,241 shares in the last quarter. Thrivent Financial For Lutherans acquired a new position in shares of McGrath RentCorp in the 2nd quarter worth approximately $246,000. Legal & General Group Plc boosted its holdings in shares of McGrath RentCorp by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after acquiring an additional 172 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of McGrath RentCorp by 9.7% in the 1st quarter. Bank of America Corp DE now owns 9,417 shares of the financial services provider’s stock worth $316,000 after acquiring an additional 830 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Tuesday, October 17th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Monday, October 16th. McGrath RentCorp’s payout ratio is currently 59.43%.
About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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