Barclays Initiates Coverage on McGrath RentCorp (NASDAQ:MGRC)

Investment analysts at Barclays initiated coverage on shares of McGrath RentCorp (NASDAQ:MGRC) in a note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set an “overweight” rating and a $140.00 price target on the financial services provider’s stock. Barclays‘s price objective would suggest a potential upside of 21.49% from the company’s current price.

A number of other equities research analysts have also commented on MGRC. Weiss Ratings reissued a “hold (c+)” rating on shares of McGrath RentCorp in a report on Tuesday, January 27th. Zacks Research upgraded shares of McGrath RentCorp from a “strong sell” rating to a “hold” rating in a research report on Thursday, January 15th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.50.

McGrath RentCorp Price Performance

MGRC stock opened at $115.24 on Wednesday. The business has a fifty day moving average price of $110.24 and a 200 day moving average price of $113.56. McGrath RentCorp has a fifty-two week low of $94.99 and a fifty-two week high of $129.93. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 19.50, a P/E/G ratio of 1.13 and a beta of 0.51.

Insider Activity at McGrath RentCorp

In other McGrath RentCorp news, SVP Gilda Malek sold 829 shares of the firm’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 value of $88,943.41. Following the transaction, the senior vice president directly owned 4,068 shares of the company’s stock, valued at approximately $436,455.72. This trade represents a 16.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On McGrath RentCorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGRC. HRT Financial LP increased its stake in shares of McGrath RentCorp by 118.8% in the 4th quarter. HRT Financial LP now owns 20,101 shares of the financial services provider’s stock valued at $2,109,000 after acquiring an additional 10,912 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in McGrath RentCorp by 23.5% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 8,468 shares of the financial services provider’s stock valued at $889,000 after purchasing an additional 1,611 shares during the period. Dimensional Fund Advisors LP increased its stake in McGrath RentCorp by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 859,503 shares of the financial services provider’s stock valued at $90,190,000 after purchasing an additional 19,652 shares in the last quarter. New York State Common Retirement Fund raised its holdings in McGrath RentCorp by 37.3% in the fourth quarter. New York State Common Retirement Fund now owns 206,044 shares of the financial services provider’s stock worth $21,620,000 after purchasing an additional 55,946 shares during the period. Finally, Snyder Capital Management L P boosted its position in shares of McGrath RentCorp by 22.5% during the fourth quarter. Snyder Capital Management L P now owns 469,048 shares of the financial services provider’s stock worth $49,217,000 after purchasing an additional 86,035 shares in the last quarter. 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.