McGrath RentCorp (NASDAQ:MGRC) had its target price lifted by research analysts at Sidoti from $83.00 to $86.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the financial services provider’s stock. Sidoti’s price target suggests a potential upside of 25.95% from the stock’s current price.
Several other equities research analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Friday, August 2nd. BidaskClub cut McGrath RentCorp from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 24th.
Shares of McGrath RentCorp stock traded up $1.57 during mid-day trading on Thursday, hitting $68.28. 1,530 shares of the stock were exchanged, compared to its average volume of 100,888. McGrath RentCorp has a twelve month low of $45.85 and a twelve month high of $70.88. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of 21.89, a price-to-earnings-growth ratio of 1.86 and a beta of 0.80. The company has a 50-day simple moving average of $65.25 and a 200 day simple moving average of $61.15.
McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.06. The business had revenue of $127.40 million during the quarter, compared to analyst estimates of $123.45 million. McGrath RentCorp had a net margin of 16.54% and a return on equity of 15.13%. The business’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.65 earnings per share. As a group, equities research analysts expect that McGrath RentCorp will post 3.51 earnings per share for the current year.
In other news, VP Philip B. Hawkins sold 3,310 shares of McGrath RentCorp stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $65.54, for a total transaction of $216,937.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis P. Stradford sold 2,200 shares of McGrath RentCorp stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $68.17, for a total value of $149,974.00. Following the transaction, the director now owns 5,000 shares of the company’s stock, valued at $340,850. The disclosure for this sale can be found here. In the last three months, insiders sold 20,265 shares of company stock worth $1,355,446. 1.80% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. acquired a new position in shares of McGrath RentCorp during the 2nd quarter worth $44,000. Krane Funds Advisors LLC acquired a new position in McGrath RentCorp during the 2nd quarter worth approximately $61,000. Denali Advisors LLC acquired a new position in McGrath RentCorp during the 2nd quarter worth approximately $106,000. Bank of Montreal Can raised its stake in McGrath RentCorp by 1,015.0% during the 2nd quarter. Bank of Montreal Can now owns 2,230 shares of the financial services provider’s stock worth $138,000 after buying an additional 2,030 shares during the period. Finally, Aperio Group LLC purchased a new stake in shares of McGrath RentCorp in the second quarter worth approximately $149,000. 85.55% 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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.
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