McGrath RentCorp (NASDAQ:MGRC) Downgraded to Hold (C+) Rating by Weiss Ratings

Weiss Ratings cut shares of McGrath RentCorp (NASDAQ:MGRC) from a buy (b-) rating to a hold (c+) rating in a research report released on Thursday morning,Weiss Ratings reports.

Separately, Oppenheimer boosted their target price on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research report on Thursday, September 18th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $147.50.

McGrath RentCorp Price Performance

NASDAQ:MGRC opened at $109.33 on Thursday. The firm has a 50-day moving average of $119.48 and a 200-day moving average of $116.50. The company has a market cap of $2.69 billion, a PE ratio of 18.50, a PEG ratio of 1.18 and a beta of 0.56. McGrath RentCorp has a one year low of $97.81 and a one year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, October 23rd. The financial services provider reported $1.72 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.11). The business had revenue of $256.44 million for the quarter, compared to the consensus estimate of $266.62 million. McGrath RentCorp had a return on equity of 12.59% and a net margin of 15.62%.The company’s revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.87 earnings per share. McGrath RentCorp has set its FY 2025 guidance at EPS. On average, equities research analysts expect that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be given a $0.485 dividend. This represents a $1.94 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, October 17th. McGrath RentCorp’s dividend payout ratio is presently 32.83%.

Insider Transactions at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,500 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $118.50, for a total value of $177,750.00. Following the completion of the sale, the director directly owned 7,000 shares of the company’s stock, valued at approximately $829,500. This represents a 17.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On McGrath RentCorp

Institutional investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC grew its position in McGrath RentCorp by 767.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 269 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 238 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of McGrath RentCorp during the 2nd quarter valued at approximately $37,000. Strs Ohio bought a new position in shares of McGrath RentCorp during the 1st quarter valued at approximately $56,000. Elevation Point Wealth Partners LLC bought a new position in shares of McGrath RentCorp during the 2nd quarter valued at approximately $57,000. Finally, Adirondack Trust Co. grew its position in shares of McGrath RentCorp by 20.0% during the 2nd quarter. Adirondack Trust Co. now owns 600 shares of the financial services provider’s stock valued at $70,000 after acquiring an additional 100 shares during the period. 92.05% of the stock is owned by institutional investors.

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.