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McGrath RentCorp (NASDAQ:MGRC - Get Rating) - Investment analysts at Oppenheimer dropped their Q3 2022 earnings estimates for shares of McGrath RentCorp in a report released on Friday, July 29th. Oppenheimer analyst S. Schneeberger now expects that the financial services provider will post earnings of $1.06 per share for the quarter, down from their previous forecast of $1.22. The consensus estimate for McGrath RentCorp's current full-year earnings is $4.06 per share. Oppenheimer also issued estimates for McGrath RentCorp's Q4 2022 earnings at $1.23 EPS, FY2022 earnings at $4.12 EPS and FY2023 earnings at $4.22 EPS.
Separately, StockNews.com raised shares of McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Monday, July 25th.McGrath RentCorp Stock Up 2.0 %
MGRC stock opened at $84.36 on Monday. McGrath RentCorp has a 12 month low of $67.08 and a 12 month high of $91.37. The firm has a market cap of $2.05 billion, a P/E ratio of 22.68, a P/E/G ratio of 1.98 and a beta of 0.80. The company's 50-day moving average price is $78.53 and its two-hundred day moving average price is $80.17.
McGrath RentCorp (NASDAQ:MGRC - Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.28. McGrath RentCorp had a net margin of 14.21% and a return on equity of 12.65%. The business had revenue of $177.00 million during the quarter, compared to analysts' expectations of $166.69 million. During the same quarter in the previous year, the company earned $0.84 EPS. The business's revenue was up 20.9% on a year-over-year basis. McGrath RentCorp Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, July 29th. Shareholders of record on Friday, July 15th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 2.16%. The ex-dividend date was Thursday, July 14th. McGrath RentCorp's dividend payout ratio is currently 48.92%. Insider Buying and Selling at McGrath RentCorp
In related news, Director Dennis P. Stradford sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total transaction of $83,200.00. Following the sale, the director now directly owns 9,200 shares of the company's stock, valued at approximately $765,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP John P. Skenesky sold 2,000 shares of McGrath RentCorp stock in a transaction that occurred on Monday, May 9th. The shares were sold at an average price of $81.74, for a total transaction of $163,480.00. Following the sale, the vice president now directly owns 12,184 shares of the company's stock, valued at approximately $995,920.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dennis P. Stradford sold 1,000 shares of McGrath RentCorp stock in a transaction that occurred on Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total transaction of $83,200.00. Following the sale, the director now directly owns 9,200 shares in the company, valued at $765,440. The disclosure for this sale can be found here. Insiders have sold a total of 4,400 shares of company stock valued at $361,690 in the last ninety days. 2.00% of the stock is currently owned by company insiders. Institutional Investors Weigh In On McGrath RentCorp
Several hedge funds and other institutional investors have recently made changes to their positions in MGRC. SG Americas Securities LLC bought a new stake in McGrath RentCorp during the 2nd quarter worth approximately $108,000. Russell Investments Group Ltd. bought a new stake in McGrath RentCorp during the 2nd quarter worth approximately $598,000. Sageworth Trust Co bought a new stake in McGrath RentCorp during the 2nd quarter worth approximately $132,000. Versor Investments LP bought a new stake in McGrath RentCorp during the 2nd quarter worth approximately $768,000. Finally, Hamilton Point Investment Advisors LLC grew its holdings in McGrath RentCorp by 2.2% during the 2nd quarter. Hamilton Point Investment Advisors LLC now owns 56,030 shares of the financial services provider's stock worth $4,258,000 after acquiring an additional 1,200 shares during the last quarter. 92.27% of the stock is owned by institutional investors. McGrath RentCorp Company Profile (Get Rating)
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 related accessories, and liquid and solid containment tanks and boxes. The company operates through four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.Read MoreGet a free copy of the StockNews.com research report on McGrath RentCorp (MGRC)Is Boeing Stock is Ready for Lift-Off ?Elon Musk is Out, But Should You Be In Twitter Stock?3 Earnings Announcements That Could SurpriseTwitter's Up For Third Week In A Row: What's Next For The Stock? MarketBeat: Week in Review 7/25 – 7/29
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