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

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

Separately, StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday.

McGrath RentCorp Price Performance

MGRC stock traded up $9.28 during mid-day trading on Friday, reaching $114.50. 361,526 shares of the company traded hands, compared to its average volume of 238,772. The company has a market capitalization of $2.81 billion, a P/E ratio of 24.26, a P/E/G ratio of 1.82 and a beta of 0.75. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company has a fifty day moving average price of $105.67 and a 200-day moving average price of $107.44.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. During the same quarter in the previous year, the firm earned $1.65 earnings per share. McGrath RentCorp’s revenue was up 9.5% on a year-over-year basis. As a group, analysts forecast that McGrath RentCorp will post 4.48 EPS for the current year.

Institutional Trading of McGrath RentCorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Swedbank AB boosted its stake in McGrath RentCorp by 66.7% in the second quarter. Swedbank AB now owns 200,000 shares of the financial services provider’s stock worth $21,310,000 after buying an additional 80,000 shares in the last quarter. Quantbot Technologies LP bought a new stake in McGrath RentCorp in the first quarter valued at approximately $1,008,000. Vaughan Nelson Investment Management L.P. lifted its position in 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 purchasing an additional 100,210 shares during the last quarter. Vanguard Group Inc. lifted its position in 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 valued at $321,931,000 after purchasing an additional 11,280 shares during the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of McGrath RentCorp by 297.8% during the first 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. Hedge funds and other 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.