McGrath RentCorp (NASDAQ:MGRC) PT Raised to $124.00

by · The Markets Daily

McGrath RentCorp (NASDAQ:MGRC – Get Free Report) had its price target raised by research analysts at Oppenheimer from $120.00 to $124.00 in a report issued on Friday, Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s target price would suggest a potential upside of 8.61% from the company’s previous close.

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

Get Our Latest Report on McGrath RentCorp

McGrath RentCorp Trading Up 8.5 %

Shares of NASDAQ MGRC opened at $114.17 on Friday. The stock has a fifty day simple moving average of $105.85 and a 200-day simple moving average of $107.30. McGrath RentCorp has a twelve month low of $95.50 and a twelve month high of $130.86. The stock has a market capitalization of $2.80 billion, a PE ratio of 24.19, a PEG ratio of 1.82 and a beta of 0.75.

McGrath RentCorp (NASDAQ:MGRC – Get Free Report) last issued 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. The company had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.65 earnings per share. On average, equities analysts predict that McGrath RentCorp will post 4.48 earnings per share for the current year.

Hedge Funds Weigh In On McGrath RentCorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Swedbank AB grew its holdings in McGrath RentCorp by 66.7% during the 2nd quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after acquiring an additional 80,000 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of McGrath RentCorp during the first quarter worth $1,008,000. Vaughan Nelson Investment Management L.P. increased its holdings in McGrath RentCorp by 26.0% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 486,190 shares of the financial services provider’s stock valued at $51,803,000 after buying an additional 100,210 shares during the last quarter. Vanguard Group Inc. raised its stake in McGrath RentCorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after buying an additional 11,280 shares in the last quarter. Finally, Gabelli Funds LLC lifted its holdings in McGrath RentCorp by 297.8% during the 1st quarter. Gabelli Funds LLC now owns 59,670 shares of the financial services provider’s stock worth $7,361,000 after buying an additional 44,670 shares during the last quarter. 92.05% of the stock is owned by institutional investors and hedge funds.

About McGrath RentCorp

(Get Free Report)

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.

See Also