Oppenheimer Issues Positive Forecast for McGrath RentCorp (NASDAQ:MGRC) Stock Price

Key Points

• Oppenheimer raised its price target on McGrath RentCorp from $143 to $149 and reiterated an “outperform” rating, implying 15.69% upside from the current share price.
• Weiss Ratings upgraded the stock to “buy”; overall, analysts give McGrath RentCorp a “Moderate Buy” consensus rating and a $144.50 average target price.
• The company beat quarterly earnings expectations, reporting EPS of $2.00 versus the $1.89 consensus and revenue of $274.61 million versus $273.25 million expected.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) had its price target raised by research analysts at Oppenheimer from $143.00 to $149.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an "outperform" rating on the financial services provider's stock. Oppenheimer's price objective suggests a potential upside of 15.69% from the stock's current price.

Separately, Weiss Ratings raised McGrath RentCorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, McGrath RentCorp has a consensus rating of "Moderate Buy" and a consensus target price of $144.50.

McGrath RentCorp Trading Up 0.2%

Shares of McGrath RentCorp stock opened at $128.79 on Thursday. McGrath RentCorp has a 12 month low of $94.99 and a 12 month high of $134.61. The company has a market capitalization of $3.14 billion, a PE ratio of 19.81, a PEG ratio of 1.30 and a beta of 0.48. The stock's fifty day simple moving average is $116.21 and its 200 day simple moving average is $114.69.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The financial services provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.11. The company had revenue of $274.61 million during the quarter, compared to the consensus estimate of $273.25 million. McGrath RentCorp had a net margin of 16.75% and a return on equity of 12.75%. Analysts predict that McGrath RentCorp will post 6.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other McGrath RentCorp news, Director Joseph Hanna sold 7,500 shares of McGrath RentCorp stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $115.04, for a total value of $862,800.00. Following the sale, the director directly owned 144,049 shares in the company, valued at approximately $16,571,396.96. The trade was a 4.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.40% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Ethic Inc. raised its stake in shares of McGrath RentCorp by 4.9% during the 3rd quarter. Ethic Inc. now owns 2,520 shares of the financial services provider's stock worth $288,000 after purchasing an additional 117 shares in the last quarter. Keybank National Association OH grew its stake in shares of McGrath RentCorp by 3.9% in the third quarter. Keybank National Association OH now owns 5,381 shares of the financial services provider's stock valued at $615,000 after buying an additional 202 shares in the last quarter. Navellier & Associates Inc. grew its stake in shares of McGrath RentCorp by 12.8% in the second quarter. Navellier & Associates Inc. now owns 2,626 shares of the financial services provider's stock valued at $318,000 after buying an additional 297 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in McGrath RentCorp by 19.7% during the third quarter. Nisa Investment Advisors LLC now owns 2,153 shares of the financial services provider's stock worth $246,000 after buying an additional 354 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in McGrath RentCorp during the second quarter worth $45,000. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Company Profile

McGrath RentCorp is a business-to-business rental company that provides modular buildings, portable storage containers and electronic test and measurement equipment. Its modular buildings serve uses such as classrooms, offices and other commercial or industrial spaces, while its storage units support customers needing temporary or supplemental on-site storage. Through its TRS-RenTelco business, the company rents electronic test equipment used in areas including communications and general-purpose testing.

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