Posted by admin on Jul 17th, 2022

McGrath RentCorp (NASDAQ:MGRC – Get Rating) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Sunday.

Shares of MGRC opened at $77.04 on Friday. The stock has a 50-day moving average of $78.76 and a two-hundred day moving average of $80.14. The stock has a market cap of $1.88 billion, a P/E ratio of 20.71, a P/E/G ratio of 1.86 and a beta of 0.80. McGrath RentCorp has a one year low of $67.08 and a one year high of $91.37.

McGrath RentCorp (NASDAQ:MGRC – Get Rating) last issued its quarterly earnings results on Thursday, April 28th. The financial services provider reported $0.77 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.20. The company had revenue of $145.37 million for the quarter, compared to the consensus estimate of $146.41 million. McGrath RentCorp had a net margin of 14.21% and a return on equity of 12.65%. McGrath RentCorp’s quarterly revenue was up 19.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.71 EPS. Analysts predict that McGrath RentCorp will post 4.06 EPS for the current fiscal year.

In other McGrath RentCorp news, Director Dennis P. Stradford sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $83.20, for a total value of $83,200.00. Following the sale, the director now owns 9,200 shares of the company’s stock, valued at $765,440. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP John P. Skenesky sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $81.74, for a total transaction of $163,480.00. Following the transaction, the vice president now directly owns 12,184 shares in the company, valued at $995,920.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dennis P. Stradford sold 1,000 shares of the firm’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total value of $83,200.00. Following the completion of the sale, the director now directly owns 9,200 shares of the company’s stock, valued at approximately $765,440. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,400 shares of company stock valued at $361,690. 1.80% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. lifted its position in McGrath RentCorp by 5.0% during the first quarter. Victory Capital Management Inc. now owns 1,360,693 shares of the financial services provider’s stock worth $115,373,000 after buying an additional 65,223 shares during the period. River Road Asset Management LLC lifted its holdings in shares of McGrath RentCorp by 54.0% during the 1st quarter. River Road Asset Management LLC now owns 676,763 shares of the financial services provider’s stock worth $57,511,000 after acquiring an additional 237,177 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of McGrath RentCorp by 7.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 521,867 shares of the financial services provider’s stock worth $44,349,000 after acquiring an additional 37,471 shares during the last quarter. State Street Corp grew its holdings in McGrath RentCorp by 3.8% in the first quarter. State Street Corp now owns 501,301 shares of the financial services provider’s stock valued at $42,601,000 after purchasing an additional 18,281 shares during the period. Finally, Brown Advisory Inc. increased its position in McGrath RentCorp by 3.4% during the fourth quarter. Brown Advisory Inc. now owns 499,028 shares of the financial services provider’s stock worth $40,052,000 after purchasing an additional 16,570 shares during the last quarter. 92.27% of the stock is owned by institutional investors and hedge funds.

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, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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