Oppenheimer Weighs in on McGrath RentCorp’s Q3 2022 Earnings (NASDAQ:MGRC) - Defense World

2022-08-01 06:36:58 By : Mr. joy chen

Posted by admin on Aug 1st, 2022

McGrath RentCorp (NASDAQ:MGRC – Get Rating) – Equities research analysts at Oppenheimer cut their Q3 2022 earnings estimates for shares of McGrath RentCorp in a note issued to investors on Friday, July 29th. Oppenheimer analyst S. Schneeberger now expects that the financial services provider will earn $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 upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research report on Monday, July 25th.

NASDAQ MGRC opened at $84.36 on Monday. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 22.68, a PEG ratio of 1.98 and a beta of 0.80. The company has a fifty day moving average price of $78.53 and a 200-day moving average price of $80.17. McGrath RentCorp has a 1 year low of $67.08 and a 1 year high of $91.37.

McGrath RentCorp (NASDAQ:MGRC – Get Rating) last posted its earnings results on Thursday, July 28th. The financial services provider reported $1.07 earnings per share (EPS) 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 firm had revenue of $177.00 million during the quarter, compared to analyst estimates of $166.69 million. During the same quarter in the prior year, the business posted $0.84 EPS. The business’s revenue was up 20.9% compared to the same quarter last year.

Institutional investors and hedge funds have recently modified their holdings of the company. American Century Companies Inc. lifted its holdings in shares of McGrath RentCorp by 36.8% in the fourth quarter. American Century Companies Inc. now owns 103,576 shares of the financial services provider’s stock worth $8,313,000 after buying an additional 27,862 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in McGrath RentCorp by 267.3% in the first quarter. Assenagon Asset Management S.A. now owns 30,229 shares of the financial services provider’s stock valued at $2,569,000 after purchasing an additional 21,998 shares in the last quarter. Pinebridge Investments L.P. purchased a new stake in McGrath RentCorp in the fourth quarter valued at approximately $80,000. Charles Schwab Investment Management Inc. raised its stake in McGrath RentCorp by 3.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 484,396 shares of the financial services provider’s stock valued at $38,878,000 after purchasing an additional 18,024 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in McGrath RentCorp by 21.1% in the first quarter. Nisa Investment Advisors LLC now owns 2,483 shares of the financial services provider’s stock valued at $211,000 after purchasing an additional 433 shares in the last quarter. 92.27% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Dennis P. Stradford sold 1,000 shares of the stock in a transaction dated Thursday, June 2nd. The shares were sold at an average price of $83.20, for a total transaction of $83,200.00. Following the completion of the transaction, the director now owns 9,200 shares in the company, valued at $765,440. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other McGrath RentCorp news, Director Elizabeth A. Fetter sold 1,400 shares of the company’s stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $82.15, for a total transaction of $115,010.00. Following the sale, the director now directly owns 5,100 shares of the company’s stock, valued at $418,965. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Dennis P. Stradford sold 1,000 shares of the company’s stock in a transaction dated 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. Over the last 90 days, insiders sold 4,400 shares of company stock worth $361,690. 2.00% of the stock is owned by company insiders.

The business also recently declared a quarterly dividend, which was paid on Friday, July 29th. Investors of record on Friday, July 15th were given a dividend of $0.455 per share. The ex-dividend date was Thursday, July 14th. This represents a $1.82 annualized dividend and a yield of 2.16%. McGrath RentCorp’s payout ratio is currently 48.92%.

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.

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