McGrath RentCorp (NASDAQ:MGRC) Upgraded by Zacks Research to Hold Rating

McGrath RentCorp (NASDAQ:MGRC) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the stock. Oppenheimer increased their target price on shares of McGrath RentCorp from $139.00 to $143.00 and gave the stock an “outperform” rating in a research report on Thursday, September 18th. Weiss Ratings lowered shares of McGrath RentCorp from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, October 30th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $143.00.

McGrath RentCorp Price Performance

McGrath RentCorp stock opened at $110.12 on Thursday. The business has a 50 day simple moving average of $104.99 and a 200 day simple moving average of $113.98. The company has a market capitalization of $2.71 billion, a PE ratio of 18.63, a price-to-earnings-growth ratio of 1.08 and a beta of 0.50. McGrath RentCorp has a one year low of $94.99 and a one year high of $129.93.

McGrath RentCorp (NASDAQ:MGRC) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.11). The company had revenue of $256.44 million for the quarter, compared to analyst estimates of $266.62 million. McGrath RentCorp had a return on equity of 12.59% and a net margin of 15.62%.The business’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.87 earnings per share. Equities analysts anticipate that McGrath RentCorp will post 6.18 earnings per share for the current fiscal year.

Insider Buying and Selling at McGrath RentCorp

In other news, SVP Gilda Malek sold 829 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $107.29, for a total transaction of $88,943.41. Following the transaction, the senior vice president directly owned 4,068 shares in the company, valued at approximately $436,455.72. This represents a 16.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MGRC. Geode Capital Management LLC grew its holdings in McGrath RentCorp by 2.0% during the second quarter. Geode Capital Management LLC now owns 610,231 shares of the financial services provider’s stock valued at $70,771,000 after purchasing an additional 11,784 shares during the period. Oliver Luxxe Assets LLC bought a new position in shares of McGrath RentCorp during the third quarter worth $1,456,000. Segall Bryant & Hamill LLC grew its holdings in shares of McGrath RentCorp by 20.5% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 71,788 shares of the financial services provider’s stock valued at $8,325,000 after buying an additional 12,199 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of McGrath RentCorp by 2.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 21,136 shares of the financial services provider’s stock valued at $2,451,000 after buying an additional 536 shares during the period. Finally, Ellsworth Advisors LLC bought a new stake in shares of McGrath RentCorp in the 3rd quarter valued at $605,000. Institutional investors own 92.05% of the company’s stock.

About McGrath RentCorp

McGrath RentCorp, through its subsidiaries, provides rental, sales, and servicing of equipment for commercial, industrial, environmental, and residential markets. The company operates primarily through two segments—mobile storage and water management—offering flexible solutions for customers requiring on-site storage, water transport, treatment, and dewatering services.

In its mobile storage segment, McGrath RentCorp supplies portable storage containers and modular office units to sectors including construction, retail, government, and disaster restoration.