McGrath RentCorp (NASDAQ:MGRC) Releases Earnings Results, Beats Estimates By $0.48 EPS

McGrath RentCorp (NASDAQ:MGRC) released its earnings results on Thursday. The financial services provider reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.48, Briefing.com reports. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The company had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. During the same quarter in the previous year, the company earned $1.65 EPS. McGrath RentCorp’s quarterly revenue was up 9.5% compared to the same quarter last year. McGrath RentCorp updated its FY 2024 guidance to EPS.

McGrath RentCorp Trading Up 8.5 %

Shares of MGRC stock opened at $114.17 on Friday. The firm has a market capitalization of $2.80 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75. The firm has a fifty day simple moving average of $105.85 and a two-hundred day simple moving average of $107.39. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86.

McGrath RentCorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 17th will be paid a dividend of $0.475 per share. The ex-dividend date is Thursday, October 17th. This represents a $1.90 dividend on an annualized basis and a yield of 1.66%. McGrath RentCorp’s dividend payout ratio (DPR) is presently 40.25%.

Analyst Ratings Changes

A number of research analysts recently issued reports on MGRC shares. StockNews.com upgraded shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday. Oppenheimer boosted their target price on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday.

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.