McGrath RentCorp (NASDAQ:MGRC) Lifted to “Strong-Buy” at BidaskClub

BidaskClub upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a buy rating to a strong-buy rating in a research note issued to investors on Tuesday morning, BidAskClub reports.

Separately, Zacks Investment Research upgraded shares of HB Fuller from a sell rating to a hold rating in a research report on Wednesday, July 3rd.

Shares of NASDAQ:MGRC traded up $0.36 on Tuesday, reaching $64.10. 4,979 shares of the company’s stock were exchanged, compared to its average volume of 109,208. The company’s fifty day moving average price is $61.01. McGrath RentCorp has a twelve month low of $45.85 and a twelve month high of $65.75. The firm has a market cap of $1.55 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 1.92 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.13. McGrath RentCorp had a net margin of 16.18% and a return on equity of 14.86%. The firm had revenue of $122.00 million for the quarter, compared to analyst estimates of $113.87 million. During the same quarter in the prior year, the business posted $0.59 EPS. The business’s revenue was up 16.1% compared to the same quarter last year. As a group, research analysts forecast that McGrath RentCorp will post 3.4 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Wednesday, July 17th will be given a dividend of $0.375 per share. The ex-dividend date of this dividend is Tuesday, July 16th. This represents a $1.50 annualized dividend and a dividend yield of 2.34%. McGrath RentCorp’s dividend payout ratio is 47.92%.

In related news, CFO Keith E. Pratt sold 962 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $64.20, for a total transaction of $61,760.40. Following the sale, the chief financial officer now owns 26,563 shares in the company, valued at approximately $1,705,344.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Philip B. Hawkins sold 5,101 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $63.41, for a total transaction of $323,454.41. Following the sale, the vice president now owns 196 shares in the company, valued at approximately $12,428.36. The disclosure for this sale can be found here. Insiders have sold a total of 6,575 shares of company stock worth $416,974 in the last quarter. 2.00% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Norges Bank bought a new position in McGrath RentCorp in the 4th quarter valued at approximately $21,208,000. RK Capital Management LLC lifted its stake in McGrath RentCorp by 17.3% in the 1st quarter. RK Capital Management LLC now owns 309,699 shares of the financial services provider’s stock valued at $17,520,000 after purchasing an additional 45,603 shares during the last quarter. Geode Capital Management LLC lifted its stake in McGrath RentCorp by 9.8% in the 4th quarter. Geode Capital Management LLC now owns 277,518 shares of the financial services provider’s stock valued at $14,286,000 after purchasing an additional 24,826 shares during the last quarter. Royce & Associates LP lifted its stake in McGrath RentCorp by 0.4% in the 1st quarter. Royce & Associates LP now owns 262,724 shares of the financial services provider’s stock valued at $14,862,000 after purchasing an additional 1,093 shares during the last quarter. Finally, SG Capital Management LLC lifted its stake in McGrath RentCorp by 45.4% in the 1st quarter. SG Capital Management LLC now owns 230,366 shares of the financial services provider’s stock valued at $13,032,000 after purchasing an additional 71,960 shares during the last quarter. 84.00% of the stock is owned by institutional investors and hedge funds.

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

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