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

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) issued its quarterly earnings data on Thursday. The financial services provider reported $1.87 earnings per share (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 firm had revenue of $266.76 million during the quarter, compared to the consensus estimate of $227.76 million. During the same period last year, the business posted $1.65 earnings per share. The business's revenue for the quarter was up 9.5% compared to the same quarter last year. McGrath RentCorp updated its FY 2024 guidance to EPS.

McGrath RentCorp Price Performance

McGrath RentCorp stock traded up $8.95 during mid-day trading on Friday, reaching $114.17. 984,895 shares of the company were exchanged, compared to its average volume of 241,784. The firm has a market cap of $2.80 billion, a PE ratio of 24.19, a PEG ratio of 1.82 and a beta of 0.75. The company has a fifty day simple moving average of $105.85 and a 200-day simple moving average of $107.39. McGrath RentCorp has a 12 month low of $95.50 and a 12 month high of $130.86.

McGrath RentCorp Dividend Announcement

The business 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. This represents a $1.90 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Thursday, October 17th. McGrath RentCorp's dividend payout ratio is currently 40.25%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com upgraded McGrath RentCorp from a "sell" rating to a "hold" rating in a research report on Tuesday. Oppenheimer raised their price target on shares of McGrath RentCorp from $120.00 to $124.00 and gave the stock 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.