McGrath RentCorp (NASDAQ:MGRC) Downgraded by StockNews.com to Hold

StockNews.com cut shares of McGrath RentCorp (NASDAQ:MGRC) from a buy rating to a hold rating in a report published on Friday morning.

A number of other analysts have also recently issued reports on MGRC. Oppenheimer raised their target price on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research note on Friday, November 22nd. CJS Securities started coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They set an “outperform” rating and a $152.00 target price for the company.

McGrath RentCorp Price Performance

Shares of MGRC opened at $113.56 on Friday. The company’s 50-day moving average is $119.18 and its 200-day moving average is $114.46. The firm has a market capitalization of $2.79 billion, a PE ratio of 12.04, a PEG ratio of 1.35 and a beta of 0.75. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.08. The company had revenue of $243.75 million during the quarter, compared to analysts’ expectations of $246.93 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. Analysts predict that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Wednesday, April 16th will be paid a $0.485 dividend. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, April 16th. This represents a $1.94 annualized dividend and a yield of 1.71%. McGrath RentCorp’s payout ratio is 20.57%.

Insiders Place Their Bets

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Trading of McGrath RentCorp

Hedge funds and other institutional investors have recently bought and sold shares of the business. Atala Financial Inc acquired a new stake in McGrath RentCorp in the 4th quarter worth about $31,000. New Age Alpha Advisors LLC bought a new position in McGrath RentCorp in the 4th quarter valued at about $33,000. KBC Group NV increased its holdings in McGrath RentCorp by 32.5% in the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock valued at $81,000 after buying an additional 188 shares during the period. Canada Pension Plan Investment Board bought a new position in McGrath RentCorp in the 4th quarter valued at about $89,000. Finally, Focus Partners Wealth bought a new position in McGrath RentCorp in the 4th quarter valued at about $136,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

About McGrath RentCorp

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.