McGrath RentCorp (NASDAQ:MGRC) Upgraded at StockNews.com

StockNews.com upgraded shares of McGrath RentCorp (NASDAQ:MGRC - Free Report) from a hold rating to a buy rating in a research report report published on Friday morning.

Other research analysts also recently issued reports about the company. Oppenheimer increased their price objective on McGrath RentCorp from $124.00 to $139.00 and gave the company an "outperform" rating in a research note on Friday, November 22nd. CJS Securities began coverage on shares of McGrath RentCorp in a research note on Wednesday, December 11th. They issued an "outperform" rating and a $152.00 price target on the stock.

McGrath RentCorp Stock Down 2.4 %

Shares of MGRC stock traded down $2.94 during trading hours on Friday, hitting $119.06. 96,304 shares of the company's stock were exchanged, compared to its average volume of 144,792. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $129.93. The firm has a market cap of $2.92 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.35 and a beta of 0.77. The firm has a 50 day moving average of $118.86 and a two-hundred day moving average of $114.11.

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McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its earnings results on Wednesday, February 19th. The financial services provider reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.50 by $0.08. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. The business had revenue of $243.75 million during the quarter, compared to analysts' expectations of $246.93 million. On average, equities analysts forecast that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

McGrath RentCorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Wednesday, April 16th will be paid a $0.485 dividend. This is a boost from McGrath RentCorp's previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $1.94 annualized dividend and a dividend yield of 1.63%. McGrath RentCorp's dividend payout ratio is 20.57%.

Insider Buying and Selling at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $124.69, for a total value of $124,690.00. Following the sale, the director now directly owns 7,500 shares in the company, valued at approximately $935,175. The trade was a 11.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Gilda Malek sold 919 shares of McGrath RentCorp stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $121.78, for a total transaction of $111,915.82. The disclosure for this sale can be found here. Company insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On McGrath RentCorp

Several institutional investors and hedge funds have recently modified their holdings of the company. Atala Financial Inc purchased a new stake in McGrath RentCorp during the fourth quarter worth about $31,000. New Age Alpha Advisors LLC acquired a new stake in shares of McGrath RentCorp in the fourth quarter valued at $33,000. KBC Group NV boosted its holdings in McGrath RentCorp by 32.5% in the third quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 188 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of McGrath RentCorp in the 4th quarter valued at about $89,000. Finally, Covestor Ltd grew its holdings in McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock worth $125,000 after acquiring an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

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.