In yesterday’s Wall Street session, McGrath RentCorp (NASDAQ:MGRC) shares traded at $95.32, up 0.54% from the previous session.
2 analysts cover McGrath RentCorp (NASDAQ:MGRC), according to research data. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $107.00 and a low of $106.00, we find $106.50. Given the previous closing price of $94.81, this indicates a potential upside of 12.33 percent. MGRC stock price is now -2.66% away from the 50-day moving average and 9.59% away from the 200-day moving average. The market capitalization of the company currently stands at $2.38B.
The stock has received a hold rating from 1 analysts and a buy rating from 1. Brokers who have rated the stock have averaged $106.50 as their price target over the next twelve months.
With the price target maintained at $106, Sidoti recently Downgraded its rating from Buy to Neutral for McGrath RentCorp (NASDAQ: MGRC)., while ‘Berenberg’ rates the stock as ‘Buy’.
In other news, STRADFORD DENNIS P, Director sold 1,000 shares of the company’s stock on Jun 02. The stock was sold for $83,200 at an average price of $83.20. Upon completion of the transaction, the Director now directly owns 9,200 shares in the company, valued at $0.88 million. An SEC document containing details of the transaction can be found on the SEC’s website. On May 23, Director FETTER ELIZABETH A sold 1,400 shares of the business’s stock. A total of $115,016 was realized by selling the stock at an average price of $82.15. This leaves the insider owning 5,100 shares of the company worth $0.49 million. Insiders disposed of 114,599 shares of company stock worth roughly $10.92 million over the past 1 year. A total of 1.48% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MGRC stock. A new stake in McGrath RentCorp shares was purchased by T. ROWE PRICE INVESTMENT MANAGEMENT, INC. during the first quarter worth $77,509,000. MOODY ALDRICH PARTNERS LLC invested $6,613,000 in shares of MGRC during the first quarter. In the first quarter, ASSENAGON ASSET MANAGEMENT S.A. acquired a new stake in McGrath RentCorp valued at approximately $2,637,000. ARROWSTREET CAPITAL, LIMITED PARTNERSHIP acquired a new stake in MGRC for approximately $1,510,000. SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC purchased a new stake in MGRC valued at around $1,294,000 in the second quarter. In total, there are 259 active investors with 85.40% ownership of the company’s stock.
On Tuesday morning McGrath RentCorp (NASDAQ: MGRC) stock kicked off with the opening price of $94.16. During the past 12 months, McGrath RentCorp has had a low of $71.17 and a high of $101.78. The fifty day moving average price for MGRC is $97.93 and a two-hundred day moving average price translates $86.98 for the stock.
The latest earnings results from McGrath RentCorp (NASDAQ: MGRC) was released for Jun, 2022. According to the Rental & Leasing Services Company, earnings per share came in at $1.25, beating analysts’ expectations of $1.17 by 0.08. This compares to $0.95 EPS in the same period last year. The net profit margin was 14.90% and return on equity was 13.90% for MGRC. The company reported revenue of $200.54 million for the quarter, compared to $173.29 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 15.72 percent. For the current quarter, analysts expect MGRC to generate $191.14M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 01/31/2023. Investors who held shares on 01/17/2023 were paid a $0.455 dividend. On an annualized basis, this represents a $1.82 dividend and a 1.91% percent yield. There was an ex-dividend date of 01/13/2023 for this dividend. In terms of dividend payout ratio, MGRC is presently at 42.10%.
McGrath RentCorp(MGRC) 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, electronic test equipment and related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment rents and sells modular buildings designed for use as classrooms, temporary offices adjacent to existing facilities, sales offices, construction field offices, restroom buildings, health care clinics, child care facilities, office spaces, and various other purposes; and portable storage containers. The TRS-RenTelco segment rents and sells general purpose electronic test equipment, such as oscilloscopes, amplifiers, analyzers, signal source, and power source test equipment primarily to aerospace, defense, electronics, industrial, research, and semiconductor industries. It also provides communications test equipment, including network and transmission test equipment for various fiber, copper, and wireless networks to the manufacturers of communications equipment and products, electrical and communications installation contractors, field technicians, and service providers. The Adler Tanks segment rents fixed axle steel tanks for storing groundwater, wastewater, volatile organic liquids, sewage, slurry and bio sludge, oil and water mixtures, and chemicals; vacuum containers for sludge and solid materials; dewatering boxes for the separation of water contained in sludge and slurry; and roll-off and trash boxes for temporary storage and transportation of solid waste. The Enviroplex segment manufactures and sells portable classrooms directly to public school districts and other educational institutions in California. The company was incorporated in 1979 and is headquartered in Livermore, California.