Zacks Investment Research Upgrades McGrath RentCorp (MGRC) to Strong-Buy

McGrath RentCorp (NASDAQ:MGRC) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Friday, November 3rd. The firm presently has a $56.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 20.82% from the stock’s current price.

According to Zacks, “McGrath RentCorp is comprised of three business segments: Mobile Modular Management Corporation, their modular building rental group, RenTelco, their electronic test equipment rental group, and Enviroplex, their majority-owned subsidiary classroom manufacturing business. MMMC rents and sells modular buildings and accessories to fulfill customers’ space needs. These units are used as temporary offices adjacent to existing facilities, and are used as sales offices, construction field offices, classrooms, health care clinics, child care facilities and for a variety of other purposes. “

Several other equities research analysts also recently commented on MGRC. BidaskClub upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of McGrath RentCorp in a research note on Wednesday, November 1st.

Shares of McGrath RentCorp (MGRC) traded up $0.52 during mid-day trading on Friday, reaching $46.35. 69,800 shares of the company traded hands, compared to its average volume of 73,326. The stock has a market capitalization of $1,110.00, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 2.25 and a beta of 0.99. McGrath RentCorp has a 12 month low of $32.09 and a 12 month high of $49.66.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Tuesday, October 31st. The financial services provider reported $0.69 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.12. McGrath RentCorp had a net margin of 10.32% and a return on equity of 11.44%. The company had revenue of $135.39 million for the quarter, compared to analyst estimates of $124.90 million. During the same period last year, the company posted $0.54 earnings per share. McGrath RentCorp’s revenue was up 11.0% compared to the same quarter last year. equities research analysts forecast that McGrath RentCorp will post 2.04 EPS for the current fiscal year.

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In other news, CFO Keith E. Pratt sold 1,412 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $46.01, for a total transaction of $64,966.12. Following the completion of the sale, the chief financial officer now owns 28,118 shares of the company’s stock, valued at $1,293,709.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dennis P. Stradford sold 3,900 shares of the business’s stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $49.41, for a total transaction of $192,699.00. Following the sale, the director now directly owns 5,000 shares of the company’s stock, valued at approximately $247,050. The disclosure for this sale can be found here. Insiders have sold 15,389 shares of company stock valued at $677,453 over the last 90 days. 4.60% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in McGrath RentCorp by 17.0% during the 1st quarter. Vanguard Group Inc. now owns 2,093,570 shares of the financial services provider’s stock valued at $70,282,000 after acquiring an additional 304,573 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in McGrath RentCorp by 2.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,781,300 shares of the financial services provider’s stock valued at $77,932,000 after purchasing an additional 35,195 shares during the last quarter. Deprince Race & Zollo Inc. boosted its holdings in McGrath RentCorp by 4.2% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 1,119,041 shares of the financial services provider’s stock valued at $38,752,000 after purchasing an additional 45,353 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in McGrath RentCorp by 36.5% in the 1st quarter. Renaissance Technologies LLC now owns 571,595 shares of the financial services provider’s stock valued at $19,188,000 after purchasing an additional 152,800 shares during the last quarter. Finally, State Street Corp boosted its holdings in McGrath RentCorp by 4.7% in the 2nd quarter. State Street Corp now owns 541,096 shares of the financial services provider’s stock valued at $18,737,000 after purchasing an additional 24,511 shares during the last quarter. 81.97% of the stock is owned by institutional investors.

About McGrath RentCorp

McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).

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