McGrath RentCorp (NASDAQ:MGRC) Announces Earnings Results

McGrath RentCorp (NASDAQ:MGRC) announced its quarterly earnings data on Thursday. The financial services provider reported $1.87 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 analyst estimates of $227.76 million. McGrath RentCorp had a return on equity of 13.33% and a net margin of 13.39%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $1.65 EPS. McGrath RentCorp updated its FY 2024 guidance to EPS.

McGrath RentCorp Stock Up 8.1 %

McGrath RentCorp stock traded up $8.57 during mid-day trading on Friday, hitting $113.79. 637,041 shares of the company’s stock were exchanged, compared to its average volume of 240,103. The firm has a market capitalization of $2.79 billion, a P/E ratio of 24.26, a PEG ratio of 1.82 and a beta of 0.75. McGrath RentCorp has a fifty-two week low of $95.50 and a fifty-two week high of $130.86. The company’s 50 day simple moving average is $105.67 and its 200-day simple moving average is $107.44.

McGrath RentCorp Announces Dividend

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 paid a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp’s payout ratio is presently 40.25%.

Analyst Upgrades and Downgrades

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

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.