McGrath RentCorp (NASDAQ:MGRC) Raised to Buy at BidaskClub

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BidaskClub upgraded shares of McGrath RentCorp (NASDAQ:MGRC) from a hold rating to a buy rating in a research report released on Tuesday, BidAskClub reports.

MGRC has been the subject of several other reports. Sidoti lifted their price target on McGrath RentCorp from $83.00 to $86.00 and gave the stock a buy rating in a report on Thursday, September 12th. Zacks Investment Research raised McGrath RentCorp from a hold rating to a buy rating and set a $76.00 price target for the company in a report on Friday, August 2nd.

NASDAQ:MGRC opened at $68.25 on Tuesday. The company has a market cap of $1.66 billion, a PE ratio of 21.81, a PEG ratio of 1.95 and a beta of 0.80. McGrath RentCorp has a 52-week low of $45.85 and a 52-week high of $70.88. The stock has a 50-day simple moving average of $65.80 and a 200 day simple moving average of $61.59.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.06. The business had revenue of $127.40 million during the quarter, compared to the consensus estimate of $123.45 million. McGrath RentCorp had a return on equity of 15.13% and a net margin of 16.54%. McGrath RentCorp’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the company earned $0.65 earnings per share. On average, research analysts anticipate that McGrath RentCorp will post 3.51 EPS for the current year.

In other McGrath RentCorp news, VP Trease Kristina Van sold 3,655 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $68.69, for a total transaction of $251,061.95. Following the transaction, the vice president now owns 10,996 shares in the company, valued at approximately $755,315.24. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Keith E. Pratt sold 2,513 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $69.31, for a total value of $174,176.03. Following the transaction, the chief financial officer now owns 24,050 shares in the company, valued at approximately $1,666,905.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,265 shares of company stock worth $1,355,446. Corporate insiders own 1.80% of the company’s stock.

A number of institutional investors have recently bought and sold shares of MGRC. Meeder Asset Management Inc. bought a new position in McGrath RentCorp during the 2nd quarter worth $44,000. Krane Funds Advisors LLC bought a new position in McGrath RentCorp during the 2nd quarter worth $61,000. Denali Advisors LLC bought a new position in McGrath RentCorp during the 2nd quarter worth $106,000. Bank of Montreal Can increased its stake in McGrath RentCorp by 1,015.0% during the 2nd quarter. Bank of Montreal Can now owns 2,230 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 2,030 shares during the period. Finally, Aperio Group LLC bought a new position in McGrath RentCorp during the 2nd quarter worth $149,000. Hedge funds and other institutional investors own 85.55% 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, 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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