McGrath RentCorp (NASDAQ:MGRC) Lowered to “Sell” at StockNews.com

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

Separately, Oppenheimer assumed coverage on shares of McGrath RentCorp in a research note on Wednesday. They set an outperform rating and a $120.00 price objective for the company.

McGrath RentCorp Stock Down 2.6 %

NASDAQ MGRC opened at $107.84 on Friday. The company’s 50 day moving average is $105.65 and its 200-day moving average is $109.44. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The firm has a market cap of $2.65 billion, a P/E ratio of 21.02, a price-to-earnings-growth ratio of 1.47 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.41). McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. During the same period last year, the firm earned $1.14 EPS. The business’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts expect that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Announces Dividend

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

Hedge Funds Weigh In On McGrath RentCorp

A number of hedge funds and other institutional investors have recently bought and sold shares of MGRC. Vanguard Group Inc. raised its holdings in McGrath RentCorp by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after buying an additional 11,280 shares during the last quarter. Capital Research Global Investors raised its holdings in McGrath RentCorp by 67.6% in the 1st quarter. Capital Research Global Investors now owns 784,021 shares of the financial services provider’s stock worth $96,725,000 after purchasing an additional 316,292 shares in the last quarter. Wellington Management Group LLP raised its holdings in McGrath RentCorp by 24.2% in the 4th quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock worth $92,258,000 after purchasing an additional 150,253 shares in the last quarter. Alpine Associates Management Inc. raised its holdings in McGrath RentCorp by 9.8% in the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after purchasing an additional 63,366 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in McGrath RentCorp by 5.9% in the 2nd quarter. Victory Capital Management Inc. now owns 707,698 shares of the financial services provider’s stock worth $75,405,000 after purchasing an additional 39,171 shares in the last quarter. Hedge funds and other institutional investors 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.