BidaskClub Upgrades McGrath RentCorp (NASDAQ:MGRC) to “Strong-Buy”

McGrath RentCorp (NASDAQ:MGRC) was upgraded by investment analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday, BidAskClub reports.

A number of other brokerages have also recently issued reports on MGRC. Sidoti increased their price objective on shares of McGrath RentCorp from $78.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Zacks Investment Research upgraded shares of McGrath RentCorp from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. McGrath RentCorp has an average rating of “Buy” and a consensus price target of $76.33.

NASDAQ:MGRC opened at $66.10 on Friday. The stock has a market cap of $1.58 billion, a P/E ratio of 21.12, a PEG ratio of 1.85 and a beta of 0.79. McGrath RentCorp has a one year low of $45.85 and a one year high of $70.88. The company has a fifty day moving average price of $64.57 and a 200 day moving average price of $59.47.

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

In other news, CFO Keith E. Pratt sold 2,513 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $69.31, for a total value of $174,176.03. Following the completion of the transaction, the chief financial officer now owns 24,050 shares in the company, valued at approximately $1,666,905.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Trease Kristina Van sold 3,655 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $68.69, for a total transaction of $251,061.95. Following the sale, the vice president now owns 10,996 shares of the company’s stock, valued at approximately $755,315.24. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,027 shares of company stock valued at $809,879. Corporate insiders own 1.80% of the company’s stock.

Several institutional investors have recently made changes to their positions in MGRC. Norges Bank acquired a new stake in shares of McGrath RentCorp during the 4th quarter worth about $21,208,000. Nuveen Asset Management LLC acquired a new stake in shares of McGrath RentCorp during the 2nd quarter worth about $10,288,000. Redwood Investments LLC acquired a new stake in shares of McGrath RentCorp during the 1st quarter worth about $8,767,000. Monarch Partners Asset Management LLC acquired a new stake in shares of McGrath RentCorp during the 1st quarter worth about $8,547,000. Finally, Allianz Asset Management GmbH increased its position in shares of McGrath RentCorp by 54.3% during the 2nd quarter. Allianz Asset Management GmbH now owns 314,026 shares of the financial services provider’s stock worth $19,516,000 after purchasing an additional 110,491 shares in the last quarter. Institutional investors and hedge funds own 84.02% 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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