McGrath RentCorp (NASDAQ:MGRC) Posts Earnings Results, Beats Expectations By $0.48 EPS

McGrath RentCorp (NASDAQ:MGRC) announced its quarterly 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. The firm had revenue of $266.76 million for the quarter, compared to the consensus estimate of $227.76 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.65 EPS. McGrath RentCorp updated its FY 2024 guidance to EPS.

McGrath RentCorp Price Performance

Shares of MGRC traded up $8.95 on Friday, reaching $114.17. The company’s stock had a trading volume of 984,895 shares, compared to its average volume of 241,784. The stock has a market capitalization of $2.80 billion, a P/E ratio of 24.26, a PEG ratio of 1.82 and a beta of 0.75. The stock’s 50 day simple moving average is $105.67 and its two-hundred day simple moving average is $107.44. 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 disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Thursday, October 17th will be issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Thursday, October 17th. McGrath RentCorp’s payout ratio is 40.25%.

Analyst Upgrades and Downgrades

MGRC has been the topic of a number of recent analyst reports. Oppenheimer raised their price target on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a report on Friday. StockNews.com raised shares of McGrath RentCorp from a “sell” rating to a “hold” rating in a report 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.