McGrath RentCorp (NASDAQ:MGRC) Price Target Increased to $124.00 by Analysts at Oppenheimer

McGrath RentCorp (NASDAQ:MGRC) had its price target hoisted by Oppenheimer from $120.00 to $124.00 in a research report sent to investors on Friday morning, Benzinga reports. The brokerage currently has an outperform rating on the financial services provider’s stock.

Separately, StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a report on Tuesday.

McGrath RentCorp Stock Up 8.5 %

Shares of NASDAQ:MGRC traded up $8.95 during trading on Friday, hitting $114.17. 984,895 shares of the company traded hands, compared to its average volume of 241,784. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 1.82 and a beta of 0.75. The business’s fifty day moving average is $105.85 and its 200-day moving average is $107.39. McGrath RentCorp has a one year low of $95.50 and a one year high of $130.86.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, October 24th. The financial services provider reported $1.87 EPS for the quarter, beating the consensus estimate of $1.39 by $0.48. The company had revenue of $266.76 million during the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The business’s revenue was up 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $1.65 earnings per share. On average, analysts forecast that McGrath RentCorp will post 4.48 EPS for the current year.

McGrath RentCorp Announces Dividend

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

Hedge Funds Weigh In On McGrath RentCorp

Several hedge funds and other institutional investors have recently made changes to their positions in MGRC. SG Americas Securities LLC acquired a new position in shares of McGrath RentCorp during the first quarter worth approximately $171,000. TFG Advisers LLC acquired a new stake in McGrath RentCorp in the first quarter worth approximately $203,000. J.W. Cole Advisors Inc. acquired a new stake in McGrath RentCorp in the first quarter worth approximately $210,000. Meeder Asset Management Inc. acquired a new stake in McGrath RentCorp in the first quarter worth approximately $213,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in McGrath RentCorp by 5.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 2,024 shares of the financial services provider’s stock worth $213,000 after purchasing an additional 104 shares during the period. 92.05% of the stock is currently owned by institutional investors and hedge funds.

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.