Oppenheimer Raises McGrath RentCorp (NASDAQ:MGRC) Price Target to $124.00

McGrath RentCorp (NASDAQ:MGRC) had its target price hoisted by investment analysts at Oppenheimer from $120.00 to $124.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the financial services provider’s stock. Oppenheimer’s price objective suggests a potential upside of 8.30% from the stock’s previous close.

Separately, StockNews.com upgraded McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday.

McGrath RentCorp Stock Performance

MGRC traded up $9.28 during mid-day trading on Friday, reaching $114.50. 361,526 shares of the stock were exchanged, compared to its average volume of 238,772. The stock has a market capitalization of $2.81 billion, a PE ratio of 24.26, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75. The company has a 50 day moving average price of $105.67 and a two-hundred day moving average price of $107.44. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released 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. The company had revenue of $266.76 million for the quarter, compared to analysts’ expectations of $227.76 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The business’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period in the previous year, the business posted $1.65 EPS. Sell-side analysts expect that McGrath RentCorp will post 4.48 EPS for the current fiscal year.

Institutional Investors Weigh In On McGrath RentCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in McGrath RentCorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after acquiring an additional 11,280 shares during the period. Capital Research Global Investors grew its holdings in McGrath RentCorp by 67.6% during the 1st quarter. Capital Research Global Investors now owns 784,021 shares of the financial services provider’s stock valued at $96,725,000 after buying an additional 316,292 shares in the last quarter. Alpine Associates Management Inc. grew its holdings in 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 buying an additional 63,366 shares in the last quarter. Victory Capital Management Inc. grew its holdings in McGrath RentCorp by 5.9% during the 2nd quarter. Victory Capital Management Inc. now owns 707,698 shares of the financial services provider’s stock valued at $75,405,000 after buying an additional 39,171 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new position in McGrath RentCorp during the 1st quarter valued at about $84,042,000. 92.05% of the stock is currently owned by institutional investors.

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.