Sidoti Boosts McGrath RentCorp (NASDAQ:MGRC) Price Target to $86.00

McGrath RentCorp (NASDAQ:MGRC) had its price objective boosted by Sidoti from $83.00 to $86.00 in a report issued on Thursday, BenzingaRatingsTable reports. Sidoti currently has a buy rating on the financial services provider’s stock.

Several other research analysts have also issued reports on MGRC. BidaskClub lowered McGrath RentCorp from a strong-buy rating to a buy rating in a research report on Saturday, August 24th. Zacks Investment Research upgraded McGrath RentCorp from a hold rating to a buy rating and set a $76.00 price target on the stock in a research report on Friday, August 2nd.

NASDAQ:MGRC opened at $69.32 on Thursday. McGrath RentCorp has a 12-month low of $45.85 and a 12-month high of $70.88. The firm has a market capitalization of $1.66 billion, a P/E ratio of 22.15, a P/E/G ratio of 1.95 and a beta of 0.80. The stock’s fifty day simple moving average is $65.33 and its 200-day simple moving average is $61.22.



McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.06. McGrath RentCorp had a return on equity of 15.13% and a net margin of 16.54%. The business had revenue of $127.40 million for the quarter, compared to analyst estimates of $123.45 million. During the same period last year, the company earned $0.65 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. On average, sell-side analysts predict that McGrath RentCorp will post 3.51 earnings per share for the current year.

In other McGrath RentCorp news, CFO Keith E. Pratt sold 3,051 shares of McGrath RentCorp stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $67.07, for a total transaction of $204,630.57. Following the transaction, the chief financial officer now directly owns 23,013 shares in the company, valued at $1,543,481.91. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Keith E. Pratt sold 2,513 shares of McGrath RentCorp stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $69.31, for a total value of $174,176.03. Following the transaction, the chief financial officer now owns 24,050 shares in the company, valued at $1,666,905.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,265 shares of company stock worth $1,355,446. Corporate insiders own 1.80% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in McGrath RentCorp by 4.0% during the second quarter. BlackRock Inc. now owns 2,250,023 shares of the financial services provider’s stock worth $139,840,000 after acquiring an additional 86,696 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its holdings in McGrath RentCorp by 12.1% during the second quarter. Silvercrest Asset Management Group LLC now owns 478,014 shares of the financial services provider’s stock worth $29,709,000 after acquiring an additional 51,490 shares in the last quarter. Allianz Asset Management GmbH lifted its holdings in McGrath RentCorp by 54.3% during the second quarter. Allianz Asset Management GmbH now owns 314,026 shares of the financial services provider’s stock worth $19,516,000 after acquiring an additional 110,491 shares in the last quarter. SG Capital Management LLC lifted its holdings in McGrath RentCorp by 35.7% during the second quarter. SG Capital Management LLC now owns 312,611 shares of the financial services provider’s stock worth $19,429,000 after acquiring an additional 82,245 shares in the last quarter. Finally, RK Capital Management LLC lifted its holdings in McGrath RentCorp by 17.3% during the first quarter. RK Capital Management LLC now owns 309,699 shares of the financial services provider’s stock worth $17,520,000 after acquiring an additional 45,603 shares in the last quarter. Hedge funds and other institutional investors own 85.55% of the company’s stock.

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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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