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

McGrath RentCorp (NASDAQ:MGRC) announced its quarterly earnings data on Thursday. The financial services provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.39 by $0.48, Briefing.com reports. McGrath RentCorp had a net margin of 13.39% and a return on equity of 13.33%. The company had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same quarter last year, the firm posted $1.65 EPS. The company’s quarterly revenue was up 9.5% on a year-over-year basis. McGrath RentCorp updated its FY 2024 guidance to EPS.

McGrath RentCorp Price Performance

NASDAQ:MGRC opened at $114.17 on Friday. The firm’s 50-day moving average price is $105.85 and its 200-day moving average price is $107.30. McGrath RentCorp has a 1-year low of $95.50 and a 1-year high of $130.86. The company has a market capitalization of $2.80 billion, a PE ratio of 24.19, a P/E/G ratio of 1.82 and a beta of 0.75.

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 given a dividend of $0.475 per share. 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 dividend payout ratio is presently 40.25%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MGRC. StockNews.com raised McGrath RentCorp from a “sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Oppenheimer boosted their price target on shares of McGrath RentCorp from $120.00 to $124.00 and gave the company an “outperform” rating in a research report on Friday.

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.