The Vanguard Group, Inc. recently announced the acquisition of new stake in McGrath RentCorp (NASDAQ:MGRC). The institutional investor has increased its shareholding in the Industrials company by 1.45% to 2.5 million shares with purchase of 35606.0 shares. This fresh investment now brings its stake to 10.25% valued currently at $246.65 million. In addition, Franklin Mutual Advisers LLC raised its holdings by 18031.0 to 2.21 million shares. And Victory Capital Management, Inc. has lifted its position by 1.79% or 23624.0 shares – to 1.35 million shares.
With over 0.18 million McGrath RentCorp (MGRC) shares trading Monday and a closing price of $94.81 on the day, the dollar volume was approximately $16.7 million. The shares have shown a positive half year performance of 21.02% and its price on 01/23/23 lost nearly -2.25%. Currently, there are 24.38M common shares owned by the public and among those 24.02M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for MGRC have a consensus price objective of $106.50. The analysts have set the share’s price value over the next 12 months at a high of $107.00 and a low of $106.00. The average price target is 10.98% above its recent price level and an upside to the estimated low will see the stock gain 10.56% over that period. But an upside of 11.39% will see the stock hit the forecast high price target while median target price for the stock is $106.50.
Insiders at the company have transacted a total of 145 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 80 of these insider trades were purchases, accounting for 196,598 shares. Insider sales of the common stock occurred on 65 occasions, with total insider shares sold totaling 114,599 shares.
The top 3 mutual fund holders in McGrath RentCorp are Franklin Small Cap Value Fund, Victory Sycamore Small Company Op, and Vanguard Total Stock Market Index. Franklin Small Cap Value Fund owns 1.28 million shares of the company’s stock, all valued at over $126.78 million. The company sold -0.14 million shares recently to bring their total holdings to about 5.27% of the shares outstanding. Victory Sycamore Small Company Op bought 5000.0 shares to see its total holdings expand to 0.81 million shares valued at over $79.98 million and representing 3.32% of the shares outstanding. Vanguard Total Stock Market Index bought 13280.0 shares to bring its total holdings to over 0.74 million shares at a value of $73.0 million. Vanguard Total Stock Market Index now owns shares totaling to 3.03% of the shares outstanding.
However, the script later moved the day high at 96.99, down -2.25%. The company’s stock has a 5-day price change of -5.89% and 12.11% over the past three months. MGRC shares are trading -3.98% year to date (YTD), with the 12-month market performance up to 23.64% higher. It has a 12-month low price of $71.17 and touched a high of $101.78 over the same period. MGRC has an average intraday trading volume of 106.30K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.24%, -3.25%, and 9.07% respectively.
Institutional ownership of McGrath RentCorp (NASDAQ: MGRC) shares accounts for 85.40% of the company’s 24.38M shares outstanding. Mutual fund holders own 51.49%, while other institutional holders and individual stakeholders account for 9.61% and 33.42% respectively.
It has a market capitalization of $2.37B and a beta (3y monthly) value of 0.77. The stock’s trailing 12-month PE ratio is 22.37, while the earnings-per-share (ttm) stands at $4.24. The company has a PEG of 2.24 and the debt-to-equity ratio at 0.54. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.13% over the week and 2.33% over the month.
Analysts forecast that McGrath RentCorp (MGRC) will achieve an EPS of $1.33 for the current quarter, $0.92 for the next quarter and $4.59 for 2023. The lowest estimate earnings-per-share for the quarter is $1.23 while analysts give the company a high EPS estimate of $1.44. Comparatively, EPS for the current quarter was $1.16 a year ago. Earnings per share for the fiscal year are expected to decrease by -12.00%, and 6.05% over the next financial year. EPS should shrink at an annualized rate of 10.00% over the next five years, compared to 18.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate McGrath RentCorp (MGRC) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MGRC, a number of firms have released research notes about the stock. Sidoti stated their Neutral rating for the stock in a research note on November 16, 2022, with the firm’s price target at $106. KeyBanc Capital Mkts on their part issued Sector Weight rating on November 04, 2015.