Oppenheimer Begins Coverage on McGrath RentCorp (NASDAQ:MGRC)

Oppenheimer began coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a research report report published on Wednesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $120.00 target price on the financial services provider’s stock.

Separately, StockNews.com upgraded McGrath RentCorp from a sell rating to a hold rating in a research report on Thursday, September 19th.

McGrath RentCorp Trading Down 2.6 %

MGRC opened at $107.84 on Wednesday. The company has a market cap of $2.65 billion, a P/E ratio of 21.02, a PEG ratio of 1.47 and a beta of 0.76. The company’s 50 day moving average is $105.65 and its 200-day moving average is $109.44. 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, July 25th. The financial services provider reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). The company had revenue of $212.60 million during the quarter, compared to analyst estimates of $210.23 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.14 EPS. On average, equities analysts forecast that McGrath RentCorp will post 5.45 EPS for the current year.

McGrath RentCorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s payout ratio is 37.04%.

Hedge Funds Weigh In On McGrath RentCorp

Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of 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 worth $321,931,000 after purchasing an additional 11,280 shares during the last quarter. Capital Research Global Investors increased its stake in shares of McGrath RentCorp by 67.6% in the first 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 during the period. Wellington Management Group LLP increased its stake in shares of McGrath RentCorp by 24.2% in the fourth quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock valued at $92,258,000 after buying an additional 150,253 shares during the period. Alpine Associates Management Inc. lifted its stake in shares of McGrath RentCorp by 9.8% in the second quarter. Alpine Associates Management Inc. now owns 710,853 shares of the financial services provider’s stock worth $75,741,000 after acquiring an additional 63,366 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in McGrath RentCorp by 5.9% in the second quarter. Victory Capital Management Inc. now owns 707,698 shares of the financial services provider’s stock valued at $75,405,000 after acquiring an additional 39,171 shares during the last quarter. Institutional investors own 92.05% of the company’s stock.

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.