Zacks: Analysts Set $70.00 Target Price for McGrath RentCorp (MGRC)
Shares of McGrath RentCorp (NASDAQ:MGRC) have been assigned a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. McGrath RentCorp’s rating score has improved by 33.3% from three months ago as a result of various analysts’ upgrades and downgrades.
Brokerages have set a 12 month consensus price objective of $70.00 for the company and are anticipating that the company will post $0.81 earnings per share for the current quarter, according to Zacks. Zacks has also assigned McGrath RentCorp an industry rank of 14 out of 257 based on the ratings given to related companies.
MGRC has been the topic of several recent analyst reports. Berenberg Bank initiated coverage on McGrath RentCorp in a research note on Wednesday, September 19th. They issued a “buy” rating and a $70.00 price target on the stock. ValuEngine lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Tuesday, September 11th. BidaskClub lowered McGrath RentCorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 31st. Finally, Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $61.00 price target on the stock in a research note on Friday, November 2nd.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ELM Advisors LLC acquired a new stake in shares of McGrath RentCorp during the 3rd quarter valued at $131,000. Ausdal Financial Partners Inc. acquired a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $202,000. Mirador Capital Partners LP acquired a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $218,000. Sterling Capital Management LLC acquired a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $218,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of McGrath RentCorp during the 3rd quarter valued at $231,000. 80.88% of the stock is currently owned by institutional investors.
McGrath RentCorp stock traded down $1.03 during mid-day trading on Monday, reaching $52.37. 68,700 shares of the company were exchanged, compared to its average volume of 123,179. McGrath RentCorp has a 12 month low of $42.98 and a 12 month high of $68.79. The firm has a market cap of $1.29 billion, a PE ratio of 24.44, a price-to-earnings-growth ratio of 1.81 and a beta of 0.75.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, October 30th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.90 by $0.11. McGrath RentCorp had a return on equity of 12.61% and a net margin of 35.47%. The company had revenue of $143.10 million for the quarter, compared to analyst estimates of $139.87 million. During the same quarter last year, the company posted $0.69 EPS. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, equities analysts expect that McGrath RentCorp will post 2.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 31st. Stockholders of record on Wednesday, October 17th were paid a $0.34 dividend. The ex-dividend date was Tuesday, October 16th. This represents a $1.36 annualized dividend and a dividend yield of 2.60%. McGrath RentCorp’s payout ratio is 63.55%.
About McGrath RentCorp
McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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