Oppenheimer Boosts McGrath RentCorp (NASDAQ:MGRC) Price Target to $139.00

McGrath RentCorp (NASDAQ:MGRC) had its target price boosted by equities researchers at Oppenheimer from $124.00 to $139.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price would indicate a potential upside of 14.97% from the stock’s previous close.

Separately, StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $120.90 on Friday. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 13.21, a price-to-earnings-growth ratio of 1.67 and a beta of 0.74. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The firm has a 50-day simple moving average of $110.97 and a 200-day simple moving average of $108.38.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to analysts’ expectations of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period last year, the firm earned $1.65 EPS. Equities research analysts forecast that McGrath RentCorp will post 5.5 EPS for the current year.

Insiders Place Their Bets

In related news, VP David M. Whitney sold 5,176 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total value of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares in the company, valued at $23,985. This trade represents a 96.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Dawson sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the transaction, the director now owns 4,000 shares in the company, valued at $460,000. The trade was a 83.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,016 shares of company stock worth $5,493,411. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On McGrath RentCorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Swedbank AB lifted its holdings in shares of McGrath RentCorp by 66.7% in the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock valued at $21,310,000 after purchasing an additional 80,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in McGrath RentCorp by 26.0% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after buying an additional 100,210 shares in the last quarter. Gabelli Funds LLC grew its holdings in McGrath RentCorp by 297.8% during the 1st quarter. Gabelli Funds LLC now owns 59,670 shares of the financial services provider’s stock valued at $7,361,000 after buying an additional 44,670 shares during the last quarter. Quest Partners LLC purchased a new position in McGrath RentCorp during the second quarter worth $1,064,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of McGrath RentCorp by 138.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider’s stock worth $1,144,000 after acquiring an additional 5,388 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

McGrath RentCorp Company Profile

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.