McGrath RentCorp (NASDAQ:MGRC) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a sell rating to a hold rating in a research note released on Tuesday.

Separately, Oppenheimer assumed coverage on McGrath RentCorp in a report on Wednesday, September 25th. They issued an “outperform” rating and a $120.00 price objective on the stock.

McGrath RentCorp Stock Up 8.5 %

Shares of NASDAQ MGRC opened at $114.17 on Tuesday. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company’s 50-day simple moving average is $105.85 and its 200-day simple moving average is $107.39. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. McGrath RentCorp’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 EPS. Equities research analysts anticipate that McGrath RentCorp will post 4.48 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s dividend payout ratio is currently 40.25%.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in shares of McGrath RentCorp in the 1st quarter worth $171,000. TFG Advisers LLC acquired a new stake in McGrath RentCorp during the first quarter worth about $203,000. J.W. Cole Advisors Inc. purchased a new position in McGrath RentCorp during the first quarter worth about $210,000. Meeder Asset Management Inc. acquired a new position in McGrath RentCorp in the 1st quarter valued at about $213,000. Finally, Aristides Capital LLC purchased a new stake in shares of McGrath RentCorp in the 1st quarter valued at approximately $239,000. Institutional investors and hedge funds 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.