McGrath RentCorp (NASDAQ:MGRC) Stock Price Expected to Rise, Oppenheimer Analyst Says

McGrath RentCorp (NASDAQ:MGRC) had its price objective upped by Oppenheimer from $124.00 to $139.00 in a research report released on Friday,Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider’s stock.

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 Performance

MGRC opened at $121.49 on Friday. The firm’s fifty day moving average is $111.34 and its two-hundred day moving average is $108.44. The firm has a market cap of $2.98 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 1.69 and a beta of 0.74. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results 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 for the quarter, compared to analyst estimates of $227.76 million. During the same period in the previous year, the company posted $1.65 earnings per share. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. Equities analysts forecast that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insider Activity

In related news, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total value of $1,898,899.20. Following the completion of the transaction, the chief executive officer now owns 155,409 shares of the company’s stock, valued at approximately $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David M. Whitney sold 5,176 shares of McGrath RentCorp stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $117.00, for a total transaction of $605,592.00. Following the completion of the sale, the vice president now owns 205 shares in the company, valued at $23,985. The trade was a 96.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 47,016 shares of company stock worth $5,493,411 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On McGrath RentCorp

Several hedge funds have recently modified their holdings of MGRC. KBC Group NV raised its holdings in McGrath RentCorp by 32.5% during 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 raised its stake in shares of McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider’s stock worth $125,000 after purchasing an additional 161 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of McGrath RentCorp in the 1st quarter valued at approximately $171,000. Millburn Ridgefield Corp bought a new position in shares of McGrath RentCorp in the third quarter valued at $203,000. Finally, Aristides Capital LLC acquired a new position in McGrath RentCorp during the first quarter worth $239,000. 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.