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

McGrath RentCorp (NASDAQ:MGRC) had its target price increased by Oppenheimer from $124.00 to $139.00 in a research report released on Friday,Benzinga reports. The firm 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 report on Tuesday, October 22nd.

McGrath RentCorp Stock Up 1.2 %

MGRC opened at $120.90 on Friday. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The firm’s 50-day moving average price is $110.97 and its 200-day moving average price is $108.37. The company has a market cap of $2.97 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 1.67 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 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 net margin of 25.29% and a return on equity of 13.64%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.65 EPS. On average, research analysts anticipate 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 paid a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date was Thursday, October 17th. McGrath RentCorp’s dividend payout ratio (DPR) is presently 20.77%.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, CEO Joseph F. Hanna sold 15,840 shares of the business’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 in the company, valued at $18,630,430.92. The trade was a 9.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP David M. Whitney sold 5,176 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $117.00, for a total value of $605,592.00. Following the transaction, the vice president now directly owns 205 shares of the company’s stock, 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. Over the last three months, insiders have sold 47,016 shares of company stock worth $5,493,411. Insiders own 1.60% of the company’s stock.

Institutional Trading of McGrath RentCorp

Several hedge funds have recently added to or reduced their stakes in the company. Swedbank AB grew its position in shares of McGrath RentCorp by 66.7% in the 2nd quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock valued at $21,310,000 after buying an additional 80,000 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of 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 in the last quarter. Gabelli Funds LLC increased 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 valued at $7,361,000 after acquiring an additional 44,670 shares in the last quarter. Quest Partners LLC acquired a new position in shares of McGrath RentCorp during the 2nd quarter worth approximately $1,064,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of McGrath RentCorp by 138.9% in the first quarter. CANADA LIFE ASSURANCE Co now owns 9,266 shares of the financial services provider’s stock worth $1,144,000 after acquiring an additional 5,388 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.