McGrath RentCorp (NASDAQ:MGRC) Posts Quarterly 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 the consensus estimate of $1.39 by $0.48, Briefing.com reports. The company had revenue of $266.76 million for the quarter, compared to analyst estimates of $227.76 million. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The firm’s revenue was up 9.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.65 EPS. McGrath RentCorp updated its FY 2024 guidance to EPS.

McGrath RentCorp Stock Performance

Shares of NASDAQ MGRC opened at $114.17 on Friday. The company has a market capitalization of $2.80 billion, a P/E ratio of 24.19, a price-to-earnings-growth ratio of 1.82 and a beta of 0.75. McGrath RentCorp has a 52-week low of $95.50 and a 52-week high of $130.86. The company’s 50 day moving average price is $105.85 and its 200-day moving average price is $107.39.

McGrath RentCorp Announces Dividend

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

Wall Street Analysts Forecast Growth

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