McGrath RentCorp (MGRC) Upgraded at BidaskClub

McGrath RentCorp (NASDAQ:MGRC) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Thursday.

MGRC has been the topic of several other research reports. Zacks Investment Research downgraded shares of McGrath RentCorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 4th. Oppenheimer restated a “hold” rating on shares of McGrath RentCorp in a report on Wednesday, November 1st. Finally, ValuEngine downgraded shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a report on Friday, December 1st.

Shares of McGrath RentCorp (NASDAQ MGRC) opened at $50.14 on Thursday. McGrath RentCorp has a 1 year low of $32.09 and a 1 year high of $50.62. The company has a market cap of $1,210.00, a PE ratio of 26.39, a price-to-earnings-growth ratio of 2.23 and a beta of 1.02.

McGrath RentCorp (NASDAQ:MGRC) last posted 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 firm had revenue of $135.39 million for the quarter, compared to the consensus estimate of $124.90 million. During the same quarter in the prior year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. analysts anticipate that McGrath RentCorp will post 2.04 EPS for the current fiscal year.

In other news, Director Dennis P. Stradford sold 3,900 shares of the company’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.41, for a total transaction of $192,699.00. Following the transaction, the director now owns 5,000 shares in the company, valued at $247,050. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Keith E. Pratt sold 1,213 shares of the company’s stock in a transaction dated Monday, November 20th. The shares were sold at an average price of $46.52, for a total transaction of $56,428.76. Following the transaction, the vice president now owns 25,382 shares in the company, valued at approximately $1,180,770.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,159 shares of company stock worth $628,935. Corporate insiders own 4.60% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. Public Employees Retirement System of Ohio increased its holdings in McGrath RentCorp by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 11,166 shares of the financial services provider’s stock worth $387,000 after buying an additional 56 shares during the period. Legal & General Group Plc increased its holdings in McGrath RentCorp by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 7,252 shares of the financial services provider’s stock worth $252,000 after buying an additional 172 shares during the period. The Manufacturers Life Insurance Company increased its holdings in McGrath RentCorp by 1.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 18,426 shares of the financial services provider’s stock worth $638,000 after buying an additional 352 shares during the period. Wells Fargo & Company MN increased its holdings in McGrath RentCorp by 2.0% in the 2nd quarter. Wells Fargo & Company MN now owns 18,013 shares of the financial services provider’s stock worth $625,000 after buying an additional 357 shares during the period. Finally, D.A. Davidson & CO. increased its holdings in McGrath RentCorp by 3.1% in the 2nd quarter. D.A. Davidson & CO. now owns 13,750 shares of the financial services provider’s stock worth $476,000 after buying an additional 410 shares during the period. Institutional investors own 82.61% of the company’s stock.

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McGrath RentCorp Company Profile

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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