StockNews.com Upgrades McGrath RentCorp (NASDAQ:MGRC) to Buy

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

Other equities research analysts have also recently issued research reports about the company. CJS Securities began coverage on McGrath RentCorp in a research note on Wednesday, December 11th. They set an “outperform” rating and a $152.00 target price for the company. Oppenheimer raised their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the stock an “outperform” rating in a research report on Friday, November 22nd.

McGrath RentCorp Stock Down 0.6 %

NASDAQ MGRC opened at $118.28 on Friday. The business’s fifty day simple moving average is $116.78 and its 200-day simple moving average is $110.77. The firm 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. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last issued its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.48. McGrath RentCorp had a net margin of 25.29% and a return on equity of 13.64%. The company had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. During the same period in the previous year, the firm earned $1.65 earnings per share. McGrath RentCorp’s quarterly revenue was up 9.5% compared to the same quarter last year. Research analysts expect that McGrath RentCorp will post 5.5 EPS for the current year.

Insiders Place Their Bets

In related news, VP Gilda Malek sold 919 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $121.78, for a total value of $111,915.82. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joseph F. Hanna sold 15,840 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 155,409 shares of the company’s stock, valued at $18,630,430.92. This trade represents a 9.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 47,935 shares of company stock worth $5,605,327 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On McGrath RentCorp

Large investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd purchased a new position in McGrath RentCorp in the 3rd quarter valued at approximately $816,000. Sanctuary Advisors LLC purchased a new position in McGrath RentCorp in the third quarter valued at $548,000. Intech Investment Management LLC acquired a new position in McGrath RentCorp during the 3rd quarter worth $797,000. Charles Schwab Investment Management Inc. increased its holdings in McGrath RentCorp by 3.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 287,261 shares of the financial services provider’s stock worth $30,243,000 after purchasing an additional 8,428 shares during the period. Finally, Barclays PLC raised its position in McGrath RentCorp by 351.6% in the 3rd quarter. Barclays PLC now owns 40,555 shares of the financial services provider’s stock valued at $4,269,000 after purchasing an additional 31,575 shares in the last quarter. 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.