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

McGrath RentCorp (NASDAQ:MGRC - Free Report) had its price target upped by Oppenheimer from $120.00 to $124.00 in a research note released on Friday, Benzinga reports. Oppenheimer currently has an outperform rating on the financial services provider's stock.

Separately, StockNews.com upgraded shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a research note on Tuesday.

McGrath RentCorp Stock Up 8.5 %

Shares of MGRC stock traded up $8.95 on Friday, reaching $114.17. 984,895 shares of the stock were exchanged, compared to its average volume of 241,784. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The stock has a market cap of $2.80 billion, a P/E ratio of 24.26, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75. The firm has a 50 day moving average of $105.67 and a two-hundred day moving average of $107.44.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last released its quarterly earnings data on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.39 by $0.48. The company had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The company's quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the business posted $1.65 EPS. On average, equities research analysts predict that McGrath RentCorp will post 4.48 EPS for the current fiscal year.

McGrath RentCorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Thursday, October 17th will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp's payout ratio is 40.25%.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new stake in shares of McGrath RentCorp during the first quarter valued at approximately $171,000. TFG Advisers LLC purchased a new stake in McGrath RentCorp during the 1st quarter worth $203,000. J.W. Cole Advisors Inc. acquired a new position in McGrath RentCorp in the 1st quarter worth $210,000. Meeder Asset Management Inc. acquired a new position in McGrath RentCorp in the 1st quarter worth $213,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in McGrath RentCorp by 5.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider's stock valued at $213,000 after buying an additional 104 shares during the last quarter. 92.05% of the stock is currently owned by hedge funds and other institutional investors.

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.