McGrath RentCorp (NASDAQ:MGRC) Earns Outperform Rating from Analysts at Oppenheimer

Investment analysts at Oppenheimer began coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a report issued on Wednesday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $120.00 price target on the financial services provider’s stock. Oppenheimer’s price target indicates a potential upside of 8.40% from the stock’s current price.

Separately, StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Thursday, September 19th.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $110.70 on Wednesday. The stock has a market capitalization of $2.72 billion, a P/E ratio of 21.58, a PEG ratio of 1.47 and a beta of 0.76. The stock’s fifty day moving average is $105.69 and its 200 day moving average is $109.43. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.84 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.41). McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The firm had revenue of $212.60 million during the quarter, compared to the consensus estimate of $210.23 million. During the same period in the prior year, the business earned $1.14 earnings per share. McGrath RentCorp’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts forecast that McGrath RentCorp will post 5.45 earnings per share for the current year.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Cim LLC boosted its position in McGrath RentCorp by 4.6% in the second quarter. Cim LLC now owns 4,636 shares of the financial services provider’s stock valued at $475,000 after buying an additional 205 shares in the last quarter. Algert Global LLC bought a new position in shares of McGrath RentCorp in the 2nd quarter valued at $1,665,000. Murchinson Ltd. acquired a new stake in shares of McGrath RentCorp during the 2nd quarter valued at $7,466,000. Susquehanna Fundamental Investments LLC bought a new stake in McGrath RentCorp during the 2nd quarter worth $498,000. Finally, The Manufacturers Life Insurance Company increased its holdings in McGrath RentCorp by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,397 shares of the financial services provider’s stock worth $1,108,000 after purchasing an additional 185 shares in the last quarter. 92.05% of the stock is owned by 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.