FY2024 EPS Estimates for McGrath RentCorp (NASDAQ:MGRC) Raised by Sidoti Csr

McGrath RentCorp (NASDAQ:MGRC) – Equities researchers at Sidoti Csr raised their FY2024 earnings per share estimates for shares of McGrath RentCorp in a research note issued on Monday, April 29th. Sidoti Csr analyst M. Riddick now forecasts that the financial services provider will post earnings of $5.55 per share for the year, up from their previous forecast of $5.39. The consensus estimate for McGrath RentCorp’s current full-year earnings is $4.97 per share.

Separately, StockNews.com started coverage on McGrath RentCorp in a research report on Sunday. They issued a “hold” rating for the company.

McGrath RentCorp Price Performance

Shares of McGrath RentCorp stock opened at $106.73 on Wednesday. The stock has a 50-day simple moving average of $118.49 and a 200-day simple moving average of $113.49. McGrath RentCorp has a 52-week low of $86.50 and a 52-week high of $130.86. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 20.81, a P/E/G ratio of 1.70 and a beta of 0.80.

McGrath RentCorp (NASDAQ:MGRC) last announced its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.20. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The firm had revenue of $187.80 million for the quarter, compared to the consensus estimate of $145.63 million. During the same period in the previous year, the firm posted $0.89 earnings per share. The firm’s revenue was up 14.7% on a year-over-year basis.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Tuesday, April 16th were given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 1.78%. This is a boost from McGrath RentCorp’s previous quarterly dividend of $0.47. The ex-dividend date was Monday, April 15th. McGrath RentCorp’s dividend payout ratio is currently 37.04%.

Institutional Investors Weigh In On McGrath RentCorp

Several hedge funds have recently made changes to their positions in MGRC. Vanguard Group Inc. raised its stake in shares of McGrath RentCorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 2,691,278 shares of the financial services provider’s stock valued at $321,931,000 after buying an additional 11,280 shares in the last quarter. Wellington Management Group LLP increased its stake in McGrath RentCorp by 24.2% in the fourth quarter. Wellington Management Group LLP now owns 771,261 shares of the financial services provider’s stock valued at $92,258,000 after acquiring an additional 150,253 shares during the period. Capital Research Global Investors acquired a new position in McGrath RentCorp in the fourth quarter worth about $55,950,000. Vaughan Nelson Investment Management L.P. lifted its stake in McGrath RentCorp by 82.3% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 385,980 shares of the financial services provider’s stock worth $47,619,000 after purchasing an additional 174,240 shares during the period. Finally, Clearbridge Investments LLC boosted its holdings in McGrath RentCorp by 48.1% during the fourth quarter. Clearbridge Investments LLC now owns 304,419 shares of the financial services provider’s stock valued at $36,415,000 after purchasing an additional 98,851 shares in the last quarter. Institutional investors own 92.05% of the company’s stock.

McGrath RentCorp Company Profile

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.