McGrath RentCorp (NASDAQ:MGRC) Announces Quarterly Earnings Results

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

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC traded up $8.95 during trading hours on Friday, hitting $114.17. The stock had a trading volume of 984,895 shares, compared to its average volume of 241,784. The company has a market capitalization of $2.80 billion, a P/E ratio of 24.26, a P/E/G ratio of 1.82 and a beta of 0.75. The firm’s 50-day moving average price is $105.67 and its two-hundred day moving average price is $107.44. McGrath RentCorp has a 52 week low of $95.50 and a 52 week high of $130.86.

McGrath RentCorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Thursday, October 17th. This represents a $1.90 annualized dividend and a dividend yield of 1.66%. McGrath RentCorp’s payout ratio is 40.25%.

Analyst Ratings Changes

Several equities analysts have weighed in on MGRC shares. Oppenheimer lifted their target price on McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a research note on Friday. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research note on Tuesday.

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.