Sidoti Boosts McGrath RentCorp (NASDAQ:MGRC) Price Target to $83.00

McGrath RentCorp (NASDAQ:MGRC) had its target price upped by Sidoti from $78.00 to $83.00 in a research report report published on Wednesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the financial services provider’s stock.

Other research analysts have also recently issued reports about the stock. BidaskClub upgraded shares of McGrath RentCorp from a buy rating to a strong-buy rating in a research note on Tuesday, July 16th. Zacks Investment Research cut shares of McGrath RentCorp from a buy rating to a hold rating in a research note on Wednesday, July 3rd. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $76.33.

MGRC traded down $0.66 during midday trading on Wednesday, reaching $67.96. The company had a trading volume of 82,139 shares, compared to its average volume of 101,597. The company has a market capitalization of $1.65 billion, a PE ratio of 21.71, a PEG ratio of 1.94 and a beta of 0.79. McGrath RentCorp has a 12-month low of $45.85 and a 12-month high of $70.88. The business’s 50-day moving average price is $63.16.

McGrath RentCorp (NASDAQ:MGRC) last released its earnings results on Tuesday, July 30th. The financial services provider reported $0.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.06. The firm had revenue of $127.40 million for the quarter, compared to analysts’ expectations of $123.45 million. McGrath RentCorp had a net margin of 16.54% and a return on equity of 15.13%. The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.65 earnings per share. Research analysts forecast that McGrath RentCorp will post 3.51 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Wednesday, July 17th were paid a dividend of $0.375 per share. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Tuesday, July 16th. McGrath RentCorp’s payout ratio is currently 47.92%.

In related news, VP Philip B. Hawkins sold 5,101 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $63.41, for a total transaction of $323,454.41. Following the sale, the vice president now directly owns 196 shares in the company, valued at approximately $12,428.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith E. Pratt sold 962 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $64.20, for a total transaction of $61,760.40. Following the sale, the chief financial officer now owns 26,563 shares in the company, valued at $1,705,344.60. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. Advisor Group Inc. increased its holdings in McGrath RentCorp by 16.5% during the 4th quarter. Advisor Group Inc. now owns 2,600 shares of the financial services provider’s stock worth $135,000 after acquiring an additional 369 shares during the period. Great West Life Assurance Co. Can increased its holdings in McGrath RentCorp by 36.8% during the 4th quarter. Great West Life Assurance Co. Can now owns 3,811 shares of the financial services provider’s stock worth $188,000 after acquiring an additional 1,025 shares during the period. Geode Capital Management LLC increased its holdings in McGrath RentCorp by 9.8% during the 4th quarter. Geode Capital Management LLC now owns 277,518 shares of the financial services provider’s stock worth $14,286,000 after acquiring an additional 24,826 shares during the period. Principal Financial Group Inc. increased its holdings in McGrath RentCorp by 21.5% during the 4th quarter. Principal Financial Group Inc. now owns 15,203 shares of the financial services provider’s stock worth $783,000 after acquiring an additional 2,690 shares during the period. Finally, Squarepoint Ops LLC increased its holdings in McGrath RentCorp by 9.6% during the 4th quarter. Squarepoint Ops LLC now owns 11,727 shares of the financial services provider’s stock worth $604,000 after acquiring an additional 1,029 shares during the period. Institutional investors own 84.27% 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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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