McGrath RentCorp (NASDAQ:MGRC) Upgraded to Hold at Zacks Investment Research

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McGrath RentCorp (NASDAQ:MGRC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks.com reports.

According to Zacks, “McGrath RentCorp is comprised of three business segments: Mobile Modular Management Corporation, their modular building rental group, RenTelco, their electronic test equipment rental group, and Enviroplex, their majority-owned subsidiary classroom manufacturing business. MMMC rents and sells modular buildings and accessories to fulfill customers’ space needs. These units are used as temporary offices adjacent to existing facilities, and are used as sales offices, construction field offices, classrooms, health care clinics, child care facilities and for a variety of other purposes. “

Other research analysts also recently issued research reports about the company. ValuEngine downgraded McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Friday, June 5th. Oppenheimer reaffirmed a “hold” rating on shares of McGrath RentCorp in a report on Thursday, April 30th. Finally, BidaskClub cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research note on Saturday, June 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $80.00.

Shares of MGRC stock opened at $53.67 on Wednesday. McGrath RentCorp has a 12 month low of $44.32 and a 12 month high of $83.95. The stock has a market cap of $1.30 billion, a P/E ratio of 13.45, a P/E/G ratio of 2.17 and a beta of 0.90. The company has a 50 day simple moving average of $54.48 and a two-hundred day simple moving average of $63.75.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Wednesday, April 29th. The financial services provider reported $0.81 EPS for the quarter, topping the consensus estimate of $0.73 by $0.08. The firm had revenue of $129.50 million during the quarter, compared to analyst estimates of $126.08 million. McGrath RentCorp had a return on equity of 15.89% and a net margin of 17.05%. McGrath RentCorp’s revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 EPS. On average, sell-side analysts predict that McGrath RentCorp will post 2.36 earnings per share for the current year.

Several large investors have recently modified their holdings of the stock. Advisor Group Holdings Inc. bought a new position in shares of McGrath RentCorp during the first quarter worth $128,000. Engineers Gate Manager LP bought a new position in shares of McGrath RentCorp during the first quarter worth $340,000. Atom Investors LP boosted its position in shares of McGrath RentCorp by 27.2% during the first quarter. Atom Investors LP now owns 8,445 shares of the financial services provider’s stock worth $442,000 after acquiring an additional 1,807 shares during the last quarter. One Wealth Advisors LLC boosted its position in shares of McGrath RentCorp by 13.3% during the first quarter. One Wealth Advisors LLC now owns 31,893 shares of the financial services provider’s stock worth $1,671,000 after acquiring an additional 3,745 shares during the last quarter. Finally, Driehaus Capital Management LLC boosted its position in shares of McGrath RentCorp by 39.3% during the first quarter. Driehaus Capital Management LLC now owns 70,442 shares of the financial services provider’s stock worth $3,690,000 after acquiring an additional 19,884 shares during the last quarter. Hedge funds and other institutional investors own 83.41% 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, 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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