StockNews.com Lowers McGrath RentCorp (NASDAQ:MGRC) to Sell

StockNews.com lowered shares of McGrath RentCorp (NASDAQ:MGRC) from a hold rating to a sell rating in a research note issued to investors on Friday.

Separately, Oppenheimer initiated coverage on shares of McGrath RentCorp in a research report on Wednesday, September 25th. They set an outperform rating and a $120.00 price objective for the company.

McGrath RentCorp Stock Performance

McGrath RentCorp stock opened at $107.84 on Friday. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.47 and a beta of 0.76. The stock has a fifty day moving average of $105.56 and a two-hundred day moving average of $109.27.

McGrath RentCorp (NASDAQ:MGRC) last announced its 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 for the quarter, compared to analyst estimates of $210.23 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.14 EPS. On average, analysts forecast that McGrath RentCorp will post 5.45 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be issued a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.76%. McGrath RentCorp’s dividend payout ratio is currently 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds have recently bought and sold shares of MGRC. SG Americas Securities LLC acquired a new stake in shares of McGrath RentCorp during the 1st quarter valued at about $171,000. TFG Advisers LLC acquired a new stake in McGrath RentCorp in the first quarter valued at approximately $203,000. J.W. Cole Advisors Inc. bought a new stake in McGrath RentCorp in the first quarter worth approximately $210,000. Meeder Asset Management Inc. acquired a new position in shares of McGrath RentCorp during the 1st quarter worth $213,000. Finally, Brown Brothers Harriman & Co. bought a new position in shares of McGrath RentCorp during the 4th quarter valued at $230,000. 92.05% of the stock is owned by hedge funds and other institutional investors.

McGrath RentCorp Company Profile

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.