McGrath RentCorp (NASDAQ:MGRC) Price Target Increased to $124.00 by Analysts at Oppenheimer

McGrath RentCorp (NASDAQ:MGRC) had its price objective boosted by Oppenheimer from $120.00 to $124.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

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

McGrath RentCorp Trading Up 0.9 %

MGRC opened at $115.15 on Friday. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $130.86. The business’s fifty day simple moving average is $105.85 and its 200-day simple moving average is $107.23. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 22.33, a PEG ratio of 1.82 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, October 24th. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The business had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. During the same quarter in the prior year, the company earned $1.65 EPS. The business’s revenue was up 9.5% compared to the same quarter last year. On average, equities research analysts predict that McGrath RentCorp will post 4.48 EPS for the current year.

McGrath RentCorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s payout ratio is currently 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in McGrath RentCorp during the first quarter valued at about $171,000. TFG Advisers LLC acquired a new stake in McGrath RentCorp in the first quarter worth about $203,000. J.W. Cole Advisors Inc. acquired a new stake in McGrath RentCorp in the first quarter worth about $210,000. Meeder Asset Management Inc. acquired a new stake in McGrath RentCorp in the first quarter worth about $213,000. Finally, Aristides Capital LLC acquired a new stake in McGrath RentCorp in the first quarter worth about $239,000. Institutional investors 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.