McGrath RentCorp (NASDAQ:MGRC) Coverage Initiated at CJS Securities

Equities researchers at CJS Securities initiated coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a research note issued on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $152.00 price target on the financial services provider’s stock. CJS Securities’ target price would indicate a potential upside of 26.57% from the stock’s previous close.

Several other research firms have also recently issued reports on MGRC. Oppenheimer increased their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday, October 22nd.

McGrath RentCorp Trading Down 1.1 %

NASDAQ:MGRC opened at $120.09 on Wednesday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The stock’s 50 day simple moving average is $115.06 and its 200-day simple moving average is $109.31. The firm has a market cap of $2.95 billion, a P/E ratio of 13.12, a PEG ratio of 1.71 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate 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 net margin of 25.29% and a return on equity of 13.64%. The business’s revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business earned $1.65 EPS. Research analysts forecast that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, Director Kimberly Ann Box sold 1,000 shares of McGrath RentCorp stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.62, for a total value of $114,620.00. Following the transaction, the director now owns 7,500 shares in the company, valued at $859,650. This trade represents a 11.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph F. Hanna sold 15,840 shares of McGrath RentCorp stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total value of $1,898,899.20. Following the completion of the transaction, the chief executive officer now owns 155,409 shares in the company, valued at $18,630,430.92. The trade was a 9.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,016 shares of company stock valued at $5,493,411. 1.60% of the stock is owned by insiders.

Hedge Funds Weigh In On McGrath RentCorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. lifted its position in McGrath RentCorp by 57.3% during the 3rd quarter. Franklin Resources Inc. now owns 1,111,840 shares of the financial services provider’s stock worth $119,456,000 after acquiring an additional 404,884 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of McGrath RentCorp during the third quarter worth $548,000. Coldstream Capital Management Inc. boosted its stake in shares of McGrath RentCorp by 6.6% in the third quarter. Coldstream Capital Management Inc. now owns 16,661 shares of the financial services provider’s stock valued at $1,754,000 after purchasing an additional 1,036 shares during the period. Geode Capital Management LLC grew its holdings in McGrath RentCorp by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock valued at $60,890,000 after purchasing an additional 6,165 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in McGrath RentCorp during the 3rd quarter worth $1,901,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

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.