McGrath RentCorp (NASDAQ:MGRC) Research Coverage Started at StockNews.com

StockNews.com initiated coverage on shares of McGrath RentCorp (NASDAQ:MGRC – Get Rating) in a research note released on Thursday. The brokerage issued a hold rating on the financial services provider’s stock.

MGRC has been the subject of several other reports. Sidoti raised shares of McGrath RentCorp from a neutral rating to a buy rating and set a $127.00 target price for the company in a report on Thursday, February 2nd. Oppenheimer lifted their target price on shares of McGrath RentCorp from $107.00 to $114.00 and gave the stock an outperform rating in a report on Thursday, February 23rd.

McGrath RentCorp Price Performance

Shares of NASDAQ MGRC opened at $92.80 on Thursday. McGrath RentCorp has a 1 year low of $73.29 and a 1 year high of $111.70. The stock has a market cap of $2.26 billion, a P/E ratio of 19.70, a price-to-earnings-growth ratio of 2.10 and a beta of 0.78. The firm has a 50-day moving average of $100.42 and a 200 day moving average of $94.80.

McGrath RentCorp (NASDAQ:MGRC – Get Rating) last issued its earnings results on Wednesday, February 22nd. The financial services provider reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.28. The business had revenue of $210.90 million during the quarter, compared to analysts’ expectations of $201.16 million. McGrath RentCorp had a net margin of 15.69% and a return on equity of 15.02%. The business’s revenue for the quarter was up 19.9% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. Research analysts expect that McGrath RentCorp will post 4.6 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Stockholders of record on Friday, April 14th will be issued a dividend of $0.465 per share. This represents a $1.86 annualized dividend and a dividend yield of 2.00%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.46. The ex-dividend date is Thursday, April 13th. McGrath RentCorp’s payout ratio is presently 38.64%.

Insider Activity

In other news, VP Trease Kristina Van sold 2,646 shares of the business’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $104.01, for a total transaction of $275,210.46. Following the completion of the transaction, the vice president now directly owns 6,411 shares of the company’s stock, valued at $666,808.11. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Kimberly Ann Box sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $103.39, for a total transaction of $51,695.00. Following the completion of the sale, the director now directly owns 5,800 shares in the company, valued at $599,662. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Trease Kristina Van sold 2,646 shares of the business’s stock in a transaction that occurred on Tuesday, February 28th. The shares were sold at an average price of $104.01, for a total transaction of $275,210.46. Following the sale, the vice president now owns 6,411 shares of the company’s stock, valued at $666,808.11. The disclosure for this sale can be found here. Insiders sold 10,470 shares of company stock valued at $1,046,816 over the last three months. Insiders own 2.00% of the company’s stock.

Institutional Trading of McGrath RentCorp

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of McGrath RentCorp by 1.5% in the third quarter. Vanguard Group Inc. now owns 2,562,216 shares of the financial services provider’s stock worth $214,867,000 after purchasing an additional 36,699 shares during the period. BlackRock Inc. boosted its position in shares of McGrath RentCorp by 0.4% in the third quarter. BlackRock Inc. now owns 1,606,331 shares of the financial services provider’s stock worth $134,708,000 after purchasing an additional 6,884 shares during the period. Victory Capital Management Inc. boosted its position in shares of McGrath RentCorp by 1.8% in the third quarter. Victory Capital Management Inc. now owns 1,346,051 shares of the financial services provider’s stock worth $112,880,000 after purchasing an additional 23,624 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of McGrath RentCorp by 8.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 643,089 shares of the financial services provider’s stock worth $63,499,000 after purchasing an additional 47,834 shares during the period. Finally, State Street Corp boosted its position in shares of McGrath RentCorp by 3.8% in the first quarter. State Street Corp now owns 501,301 shares of the financial services provider’s stock worth $42,601,000 after purchasing an additional 18,281 shares during the period. 82.90% of the stock is currently owned by institutional investors.

About McGrath RentCorp

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McGrath RentCorp engages in the provision of business-to-business rental services. It operates through the following segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment is engaged in modular building and portable storage. The TRS-RenTelco segment includes operations for its electronic test equipment.