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

McGrath RentCorp (NASDAQ:MGRC) had its price target increased by Oppenheimer from $124.00 to $139.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the financial services provider’s stock.

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

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $121.49 on Friday. The business has a fifty day simple moving average of $111.34 and a two-hundred day simple moving average of $108.44. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 13.28, a P/E/G ratio of 1.69 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC) last posted its 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. The company had revenue of $266.76 million during the quarter, compared to analysts’ expectations of $227.76 million. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. McGrath RentCorp’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 EPS. As a group, equities analysts anticipate that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

McGrath RentCorp Announces Dividend

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

Insider Activity

In other McGrath RentCorp news, Director William J. Dawson sold 20,000 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total transaction of $2,300,000.00. Following the sale, the director now directly owns 4,000 shares in the company, valued at $460,000. This represents a 83.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Joseph F. Hanna sold 15,840 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $119.88, for a total transaction 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 $18,630,430.92. The trade was a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 47,016 shares of company stock worth $5,493,411. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On McGrath RentCorp

Institutional investors have recently modified their holdings of the business. River Road Asset Management LLC boosted its stake in McGrath RentCorp by 68.2% in the third quarter. River Road Asset Management LLC now owns 1,247,376 shares of the financial services provider’s stock valued at $131,324,000 after buying an additional 505,817 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of McGrath RentCorp by 6.8% in the 3rd quarter. Victory Capital Management Inc. now owns 755,570 shares of the financial services provider’s stock valued at $79,546,000 after purchasing an additional 47,872 shares in the last quarter. Alpine Associates Management Inc. grew its holdings in shares of McGrath RentCorp by 9.8% during the 2nd quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock valued at $75,741,000 after purchasing an additional 63,366 shares during the last quarter. State Street Corp increased its position in McGrath RentCorp by 2.2% during the 3rd quarter. State Street Corp now owns 593,009 shares of the financial services provider’s stock worth $62,432,000 after purchasing an additional 12,520 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in McGrath RentCorp by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 578,254 shares of the financial services provider’s stock valued at $60,890,000 after purchasing an additional 6,165 shares during the last quarter. Institutional investors and hedge funds 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.