McGrath RentCorp (NASDAQ:MGRC) Rating Lowered to Sell at StockNews.com

McGrath RentCorp (NASDAQ:MGRC) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.

Separately, Oppenheimer initiated coverage on McGrath RentCorp in a research note on Wednesday. They issued an “outperform” rating and a $120.00 target price on the stock.

McGrath RentCorp Stock Performance

Shares of MGRC opened at $107.84 on Friday. The company has a 50 day moving average price of $105.56 and a 200-day moving average price of $109.35. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The stock has a market capitalization of $2.65 billion, a PE ratio of 21.02, a PEG ratio of 1.47 and a beta of 0.76.

McGrath RentCorp (NASDAQ:MGRC) last posted its earnings results on Thursday, July 25th. The financial services provider reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.41). McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The company had revenue of $212.60 million for the quarter, compared to analysts’ expectations of $210.23 million. During the same quarter in the prior year, the company earned $1.14 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts forecast that McGrath RentCorp will post 5.45 EPS for the current year.

Hedge Funds Weigh In On McGrath RentCorp

A number of large investors have recently made changes to their positions in MGRC. Magnetar Financial LLC purchased a new position in McGrath RentCorp during the 1st quarter worth $84,042,000. Capital Research Global Investors purchased a new stake in shares of McGrath RentCorp during the fourth quarter worth about $55,950,000. Public Employees Retirement Association of Colorado increased its holdings in shares of McGrath RentCorp by 3,216.2% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 248,844 shares of the financial services provider’s stock valued at $29,767,000 after acquiring an additional 241,340 shares in the last quarter. Vaughan Nelson Investment Management L.P. raised its position in shares of McGrath RentCorp by 82.3% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock valued at $47,619,000 after purchasing an additional 174,240 shares during the last quarter. Finally, Norges Bank acquired a new stake in McGrath RentCorp in the 4th quarter worth approximately $19,469,000. 92.05% of the stock is owned by institutional investors and hedge funds.

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, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.