Analysts Set $99.00 Price Target for McGrath RentCorp (NASDAQ:MGRC)
Shares of McGrath RentCorp (NASDAQ:MGRC) have been given an average broker rating score of 2.00 (Buy) from the two analysts that provide coverage for the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has issued a strong buy rating on the company.
Brokerages have set a 1-year consensus price target of $99.00 for the company and are expecting that the company will post $0.14 EPS for the current quarter, according to Zacks. Zacks has also assigned McGrath RentCorp an industry rank of 218 out of 254 based on the ratings given to its competitors.
MGRC has been the subject of a number of research reports. ValuEngine cut McGrath RentCorp from a “hold” rating to a “sell” rating in a report on Friday, June 5th. Oppenheimer reissued a “hold” rating on shares of McGrath RentCorp in a research note on Thursday, April 30th. BidaskClub lowered McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 20th. Finally, Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Saturday, May 2nd.
McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.08. McGrath RentCorp had a return on equity of 15.89% and a net margin of 17.05%. The firm had revenue of $129.50 million during the quarter, compared to analysts’ expectations of $126.08 million. During the same period in the prior year, the business earned $0.75 EPS. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, research analysts expect that McGrath RentCorp will post 2.36 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Thursday, July 16th. McGrath RentCorp’s payout ratio is 42.75%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. raised its position in McGrath RentCorp by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 245,784 shares of the financial services provider’s stock valued at $18,813,000 after purchasing an additional 2,608 shares during the last quarter. Knights of Columbus Asset Advisors LLC purchased a new stake in shares of McGrath RentCorp in the 4th quarter worth approximately $1,674,000. Great West Life Assurance Co. Can purchased a new stake in shares of McGrath RentCorp in the 4th quarter worth approximately $134,000. Janus Henderson Group PLC purchased a new stake in shares of McGrath RentCorp in the 4th quarter worth approximately $209,000. Finally, Chartwell Investment Partners LLC grew its stake in shares of McGrath RentCorp by 1.9% in the 1st quarter. Chartwell Investment Partners LLC now owns 177,402 shares of the financial services provider’s stock worth $9,292,000 after buying an additional 3,325 shares during the last quarter. 83.41% of the stock is owned by institutional investors and hedge funds.
McGrath RentCorp 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 liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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