McGrath RentCorp (NASDAQ:MGRC) Rating Increased to Buy at StockNews.com

McGrath RentCorp (NASDAQ:MGRC) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Friday.

Several other brokerages also recently weighed in on MGRC. Oppenheimer boosted their price objective on shares of McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd. CJS Securities initiated coverage on shares of McGrath RentCorp in a research report on Wednesday, December 11th. They issued an “outperform” rating and a $152.00 price target for the company.

McGrath RentCorp Price Performance

McGrath RentCorp stock opened at $118.28 on Friday. The stock has a market cap of $2.90 billion, a PE ratio of 12.93, a P/E/G ratio of 1.34 and a beta of 0.77. The stock’s fifty day moving average is $116.78 and its two-hundred day moving average is $110.77. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued 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. The business had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.64% and a net margin of 25.29%. The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the company earned $1.65 EPS. On average, research analysts expect that McGrath RentCorp will post 5.5 earnings per share for the current fiscal year.

Insider Transactions at McGrath RentCorp

In other news, Director William J. Dawson sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $115.00, for a total value of $2,300,000.00. Following the completion of the sale, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $460,000. This represents a 83.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kimberly Ann Box sold 1,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.62, for a total transaction of $114,620.00. Following the sale, the director now owns 7,500 shares of the company’s stock, valued at $859,650. This trade represents a 11.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,935 shares of company stock worth $5,605,327. Insiders own 1.60% of the company’s stock.

Institutional Trading of McGrath RentCorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sei Investments Co. grew its stake in shares of McGrath RentCorp by 4.1% in the 2nd quarter. Sei Investments Co. now owns 4,656 shares of the financial services provider’s stock valued at $496,000 after purchasing an additional 183 shares during the last quarter. Gabelli Funds LLC grew its position in McGrath RentCorp by 17.7% in the 2nd quarter. Gabelli Funds LLC now owns 70,258 shares of the financial services provider’s stock valued at $7,486,000 after buying an additional 10,588 shares during the last quarter. Bank of Montreal Can increased its stake in McGrath RentCorp by 802.5% in the 2nd quarter. Bank of Montreal Can now owns 30,866 shares of the financial services provider’s stock valued at $3,349,000 after buying an additional 27,446 shares during the period. Murchinson Ltd. purchased a new position in McGrath RentCorp during the 2nd quarter worth $4,666,000. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of McGrath RentCorp by 69.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 11,598 shares of the financial services provider’s stock worth $1,236,000 after acquiring an additional 4,755 shares during the period. 92.05% of the stock is owned by hedge funds and other institutional investors.

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.