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

McGrath RentCorp (NASDAQ:MGRC) had its price target hoisted by analysts at Oppenheimer from $124.00 to $139.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price points to a potential upside of 14.97% from the company’s current price.

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 1.2 %

Shares of NASDAQ:MGRC opened at $120.90 on Friday. The company has a market cap of $2.97 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.67 and a beta of 0.74. The business has a fifty day simple moving average of $110.97 and a 200-day simple moving average of $108.38. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating 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 return on equity of 13.64% and a net margin of 25.29%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.65 EPS. Sell-side analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the sale, the chief executive officer now directly owns 155,409 shares in the company, valued at approximately $18,630,430.92. This trade represents a 9.25 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kimberly Ann Box sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $114.62, for a total value of $114,620.00. Following the completion of the transaction, the director now owns 7,500 shares of the company’s stock, valued at approximately $859,650. This represents a 11.76 % 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 currently owned by corporate insiders.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. raised its stake in shares of McGrath RentCorp by 6.6% in the 3rd 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 in the last quarter. Geode Capital Management LLC increased its holdings in McGrath RentCorp by 1.1% in the third quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock valued at $60,890,000 after buying an additional 6,165 shares during the last quarter. M&T Bank Corp acquired a new stake in McGrath RentCorp during the third quarter valued at approximately $1,901,000. Barclays PLC lifted its holdings in McGrath RentCorp by 351.6% during the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider’s stock worth $4,269,000 after buying an additional 31,575 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of McGrath RentCorp in the 3rd quarter worth approximately $656,000. Hedge funds and other institutional investors own 92.05% 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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.