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

McGrath RentCorp (NASDAQ:MGRC) had its target price increased by analysts at Oppenheimer from $124.00 to $139.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price target suggests a potential upside of 16.36% from the company’s previous close.

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

McGrath RentCorp Stock Up 1.3 %

MGRC stock opened at $119.46 on Friday. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The company has a market cap of $2.93 billion, a P/E ratio of 13.06, a PEG ratio of 1.65 and a beta of 0.74. The business has a fifty day moving average of $110.58 and a 200-day moving average of $108.31.

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

Insider Buying and Selling at McGrath RentCorp

In other news, Director William J. Dawson sold 20,000 shares of McGrath RentCorp stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at $460,000. This trade represents a 83.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the sale, the chief executive officer now owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,016 shares of company stock valued at $5,493,411. 1.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. KBC Group NV increased its holdings in shares of McGrath RentCorp by 32.5% in the third quarter. KBC Group NV now owns 767 shares of the financial services provider’s stock worth $81,000 after acquiring an additional 188 shares in the last quarter. Covestor Ltd grew its position in shares of McGrath RentCorp by 15.8% in the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 161 shares during the period. SG Americas Securities LLC bought a new stake in McGrath RentCorp during the 1st quarter worth approximately $171,000. Millburn Ridgefield Corp acquired a new stake in McGrath RentCorp during the 3rd quarter worth approximately $203,000. Finally, Aristides Capital LLC bought a new position in McGrath RentCorp in the first quarter valued at approximately $239,000. 92.05% of the stock is currently owned by 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.