Zacks: Brokerages Set $86.00 Price Target for McGrath RentCorp (NASDAQ:MGRC)

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McGrath RentCorp (NASDAQ:MGRC) has earned a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the company, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. McGrath RentCorp’s rating score has declined by 19.8% in the last 90 days as a result of various analysts’ ratings changes.

Brokerages have set a 1-year consensus target price of $86.00 for the company and are predicting that the company will post $0.88 earnings per share for the current quarter, according to Zacks. Zacks has also assigned McGrath RentCorp an industry rank of 8 out of 255 based on the ratings given to related companies.

Several equities research analysts have issued reports on MGRC shares. ValuEngine downgraded shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research note on Thursday, November 14th. BidaskClub upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Tuesday, September 17th. Sidoti increased their price objective on shares of McGrath RentCorp from $83.00 to $86.00 and gave the company a “buy” rating in a research note on Thursday, September 12th. Finally, Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “strong-buy” rating and set a $90.00 price objective on the stock in a research note on Friday, November 1st.

In other news, CFO Keith E. Pratt sold 900 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $67.15, for a total transaction of $60,435.00. Following the completion of the transaction, the chief financial officer now owns 23,013 shares in the company, valued at approximately $1,545,322.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Keith E. Pratt sold 4,113 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $74.42, for a total transaction of $306,089.46. Following the completion of the transaction, the chief financial officer now owns 23,713 shares of the company’s stock, valued at $1,764,721.46. The disclosure for this sale can be found here. Insiders have sold 11,273 shares of company stock worth $805,701 over the last three months. 1.80% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in MGRC. CWM LLC boosted its position in McGrath RentCorp by 1,847.4% in the third quarter. CWM LLC now owns 370 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 351 shares during the last quarter. Mirador Capital Partners LP lifted its position in McGrath RentCorp by 7.5% during the second quarter. Mirador Capital Partners LP now owns 6,677 shares of the financial services provider’s stock valued at $415,000 after purchasing an additional 465 shares in the last quarter. One Wealth Advisors LLC lifted its position in McGrath RentCorp by 1.5% during the second quarter. One Wealth Advisors LLC now owns 34,864 shares of the financial services provider’s stock valued at $2,167,000 after purchasing an additional 520 shares in the last quarter. Lido Advisors LLC raised its holdings in McGrath RentCorp by 17.7% during the second quarter. Lido Advisors LLC now owns 4,712 shares of the financial services provider’s stock valued at $292,000 after acquiring an additional 708 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in McGrath RentCorp during the second quarter valued at about $44,000. Institutional investors own 86.59% of the company’s stock.

Shares of NASDAQ MGRC traded up $0.99 during midday trading on Tuesday, reaching $74.00. 1,288 shares of the stock were exchanged, compared to its average volume of 131,500. The company has a 50 day simple moving average of $70.23 and a 200 day simple moving average of $65.02. The stock has a market capitalization of $1.78 billion, a P/E ratio of 23.46, a PEG ratio of 1.95 and a beta of 0.79. McGrath RentCorp has a twelve month low of $48.20 and a twelve month high of $80.47.

McGrath RentCorp (NASDAQ:MGRC) last issued its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $1.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.30. McGrath RentCorp had a net margin of 17.02% and a return on equity of 16.03%. The company had revenue of $173.60 million during the quarter, compared to analysts’ expectations of $150.77 million. During the same quarter last year, the company posted $1.01 EPS. The firm’s revenue was up 21.3% compared to the same quarter last year. On average, research analysts predict that McGrath RentCorp will post 3.75 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th were issued a dividend of $0.375 per share. The ex-dividend date was Wednesday, October 16th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 2.03%. McGrath RentCorp’s dividend payout ratio (DPR) is 47.92%.

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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