McGrath RentCorp (NASDAQ:MGRC) Stock Gets Price Target Increase from Oppenheimer

McGrath RentCorp (NASDAQ:MGRC) had its price objective hoisted by investment analysts at Oppenheimer from $143.00 to $149.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer‘s target price indicates a potential upside of 15.69% from the company’s previous close.

Separately, Weiss Ratings raised shares of McGrath RentCorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.50.

McGrath RentCorp Stock Up 0.2%

MGRC opened at $128.79 on Thursday. McGrath RentCorp has a 12-month low of $94.99 and a 12-month high of $134.61. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 1.30 and a beta of 0.48. The business has a 50 day moving average of $116.21 and a 200-day moving average of $114.69.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Wednesday, October 28th. The financial services provider reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.11. McGrath RentCorp had a return on equity of 12.75% and a net margin of 16.75%. The business had revenue of $274.61 million for the quarter, compared to analyst estimates of $273.25 million. As a group, analysts expect that McGrath RentCorp will post 6.38 earnings per share for the current year.

Insider Buying and Selling at McGrath RentCorp

In other news, Director Joseph Hanna sold 4,748 shares of McGrath RentCorp stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $130.73, for a total value of $620,706.04. Following the completion of the sale, the director directly owned 139,301 shares in the company, valued at approximately $18,210,819.73. The trade was a 3.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On McGrath RentCorp

Large investors have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio bought a new position in McGrath RentCorp during the 2nd quarter worth $45,000. Nykredit A S acquired a new position in McGrath RentCorp in the 2nd quarter valued at $157,000. Brighton Jones LLC bought a new stake in shares of McGrath RentCorp during the 3rd quarter valued at $237,000. Elevation Point Wealth Partners LLC bought a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $242,000. Finally, Phillips Wealth Planners LLC bought a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $243,000. Institutional investors and hedge funds own 92.05% of the company’s stock.

About McGrath RentCorp

McGrath RentCorp is a business-to-business rental company that provides modular buildings, portable storage containers and electronic test and measurement equipment. Its modular buildings serve uses such as classrooms, offices and other commercial or industrial spaces, while its storage units support customers needing temporary or supplemental on-site storage. Through its TRS-RenTelco business, the company rents electronic test equipment used in areas including communications and general-purpose testing.