McGrath RentCorp (NASDAQ:MGRC) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

McGrath RentCorp (NASDAQ:MGRC) released its earnings results on Tuesday. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.06, reports. McGrath RentCorp had a return on equity of 14.86% and a net margin of 16.18%. The firm had revenue of $127.40 million during the quarter, compared to analysts’ expectations of $123.45 million. During the same quarter last year, the business posted $0.65 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis.

Shares of NASDAQ:MGRC traded down $0.38 during trading on Friday, hitting $68.24. 1,188 shares of the company’s stock were exchanged, compared to its average volume of 79,836. McGrath RentCorp has a 52-week low of $45.85 and a 52-week high of $70.88. The firm has a 50-day moving average of $63.02. The firm has a market capitalization of $1.61 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.96 and a beta of 0.80.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Wednesday, July 17th were given a dividend of $0.375 per share. This represents a $1.50 annualized dividend and a dividend yield of 2.20%. The ex-dividend date of this dividend was Tuesday, July 16th. McGrath RentCorp’s dividend payout ratio is currently 47.92%.

Several research firms recently issued reports on MGRC. BidaskClub upgraded McGrath RentCorp from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, July 16th. Zacks Investment Research upgraded McGrath RentCorp from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research report on Friday. Finally, Sidoti increased their target price on McGrath RentCorp from $78.00 to $83.00 and gave the stock a “buy” rating in a research report on Wednesday. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $76.33.

In other McGrath RentCorp news, VP Philip B. Hawkins sold 5,101 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $63.41, for a total transaction of $323,454.41. Following the completion of the transaction, the vice president now owns 196 shares in the company, valued at approximately $12,428.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Keith E. Pratt sold 962 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $64.20, for a total value of $61,760.40. Following the transaction, the chief financial officer now owns 26,563 shares of the company’s stock, valued at approximately $1,705,344.60. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.

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, electronic test equipment, and liquid and solid containment tanks and boxes. The company operates in four segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex.

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Earnings History for McGrath RentCorp (NASDAQ:MGRC)

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