StockNews.com cut shares of McGrath RentCorp (NASDAQ:MGRC – Free Report) from a hold rating to a sell rating in a report published on Friday.
Separately, Oppenheimer began coverage on McGrath RentCorp in a research report on Wednesday, September 25th. They issued an outperform rating and a $120.00 price objective on the stock.
Get Our Latest Research Report on McGrath RentCorp
McGrath RentCorp Trading Down 2.4 %
McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). The firm had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. 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 firm earned $1.14 EPS. On average, equities research analysts predict that McGrath RentCorp will post 5.45 EPS for the current year.
McGrath RentCorp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 37.04%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. SG Americas Securities LLC purchased a new position in McGrath RentCorp during the first quarter valued at $171,000. TFG Advisers LLC purchased a new position in shares of McGrath RentCorp during the 1st quarter valued at about $203,000. J.W. Cole Advisors Inc. bought a new position in shares of McGrath RentCorp during the 1st quarter valued at approximately $210,000. Meeder Asset Management Inc. purchased a new stake in McGrath RentCorp in the 1st quarter worth approximately $213,000. Finally, Brown Brothers Harriman & Co. bought a new stake in McGrath RentCorp during the 4th quarter worth approximately $230,000. 92.05% of the stock is owned by hedge funds and other institutional investors.
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.
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