McGrath RentCorp (NASDAQ:MGRC) Downgraded by StockNews.com

StockNews.com lowered shares of McGrath RentCorp (NASDAQ:MGRC) from a hold rating to a sell rating in a report published on Friday morning.

Separately, Oppenheimer began coverage on McGrath RentCorp in a report on Wednesday, September 25th. They issued an outperform rating and a $120.00 target price for the company.

McGrath RentCorp Trading Down 2.6 %

Shares of McGrath RentCorp stock opened at $107.84 on Friday. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The company’s fifty day simple moving average is $105.56 and its 200-day simple moving average is $109.27. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 21.02, a PEG ratio of 1.47 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The firm had revenue of $212.60 million for the quarter, compared to analyst estimates of $210.23 million. During the same period last year, the business earned $1.14 earnings per share. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, research analysts forecast that McGrath RentCorp will post 5.45 earnings per share for the current fiscal year.

McGrath RentCorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be paid a $0.475 dividend. The ex-dividend date is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.76%. McGrath RentCorp’s dividend payout ratio (DPR) is currently 37.04%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MGRC. Principal Financial Group Inc. increased its stake in McGrath RentCorp by 33.4% in the fourth quarter. Principal Financial Group Inc. now owns 9,667 shares of the financial services provider’s stock valued at $1,156,000 after purchasing an additional 2,418 shares in the last quarter. Norges Bank acquired a new position in McGrath RentCorp in the fourth quarter valued at about $19,469,000. UBS Group AG grew its stake in McGrath RentCorp by 21.7% in the fourth quarter. UBS Group AG now owns 74,639 shares of the financial services provider’s stock valued at $8,928,000 after acquiring an additional 13,313 shares during the period. Allianz Asset Management GmbH raised its position in shares of McGrath RentCorp by 0.4% during the fourth quarter. Allianz Asset Management GmbH now owns 24,967 shares of the financial services provider’s stock worth $2,987,000 after purchasing an additional 90 shares during the period. Finally, Evoke Wealth LLC acquired a new stake in shares of McGrath RentCorp during the fourth quarter worth about $454,000. 92.05% of the stock is currently 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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.