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

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) had its target price raised by Oppenheimer from $124.00 to $139.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Oppenheimer's price objective would indicate a potential upside of 14.97% from the company's previous close.

Separately, StockNews.com upgraded shares of McGrath RentCorp from a "sell" rating to a "hold" rating in a report on Tuesday, October 22nd.

McGrath RentCorp Stock Up 1.2 %

Shares of NASDAQ MGRC traded up $1.44 during trading on Friday, hitting $120.90. 177,342 shares of the company traded hands, compared to its average volume of 294,950. McGrath RentCorp has a 1 year low of $95.50 and a 1 year high of $130.86. The company has a 50-day moving average price of $110.97 and a 200-day moving average price of $108.38. The firm has a market capitalization of $2.97 billion, a P/E ratio of 13.21, a P/E/G ratio of 1.67 and a beta of 0.74.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last posted its earnings results 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 net margin of 25.29% and a return on equity of 13.64%. The firm had revenue of $266.76 million during the quarter, compared to analysts' expectations of $227.76 million. During the same quarter in the prior year, the firm earned $1.65 EPS. McGrath RentCorp's quarterly revenue was up 9.5% on a year-over-year basis. Research analysts predict that McGrath RentCorp will post 5.5 EPS for the current fiscal year.

Insider Activity at McGrath RentCorp

In related news, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.62, for a total value of $114,620.00. Following the completion of the transaction, the director now owns 7,500 shares of the company's stock, valued at approximately $859,650. This trade represents a 11.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph F. Hanna sold 15,840 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $119.88, for a total transaction of $1,898,899.20. Following the completion of the transaction, the chief executive officer now directly owns 155,409 shares of the company's stock, valued at $18,630,430.92. This represents a 9.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 47,016 shares of company stock valued at $5,493,411 over the last ninety days. Insiders own 1.60% of the company's stock.

Hedge Funds Weigh In On McGrath RentCorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV boosted its stake in shares of McGrath RentCorp by 32.5% during the 3rd quarter. KBC Group NV now owns 767 shares of the financial services provider's stock valued at $81,000 after buying an additional 188 shares during the period. Covestor Ltd boosted its stake in shares of McGrath RentCorp by 15.8% during the 3rd quarter. Covestor Ltd now owns 1,183 shares of the financial services provider's stock valued at $125,000 after buying an additional 161 shares during the period. SG Americas Securities LLC bought a new position in shares of McGrath RentCorp during the 1st quarter valued at $171,000. Millburn Ridgefield Corp bought a new position in shares of McGrath RentCorp during the 3rd quarter valued at $203,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of McGrath RentCorp by 5.4% during 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 purchasing an additional 104 shares in the last quarter. Institutional investors and hedge funds 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.