McGrath RentCorp (MGRC) Releases Quarterly Earnings Results, Beats Estimates By $0.11 EPS

McGrath RentCorp (NASDAQ:MGRC) issued its quarterly earnings results on Tuesday. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.90 by $0.11, reports. McGrath RentCorp had a net margin of 34.37% and a return on equity of 11.91%. The business had revenue of $143.10 million for the quarter, compared to analysts’ expectations of $139.87 million. During the same quarter last year, the company posted $0.69 earnings per share. The company’s quarterly revenue was up 5.7% compared to the same quarter last year.

Shares of MGRC stock traded up $6.50 during trading hours on Wednesday, hitting $54.37. 8,255 shares of the company were exchanged, compared to its average volume of 112,054. McGrath RentCorp has a one year low of $42.98 and a one year high of $68.79. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 25.35, a PEG ratio of 1.72 and a beta of 0.79.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 31st. Stockholders of record on Wednesday, October 17th will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Tuesday, October 16th. This represents a $1.36 annualized dividend and a dividend yield of 2.50%. McGrath RentCorp’s payout ratio is 63.55%.

Several brokerages have recently commented on MGRC. Zacks Investment Research cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. BidaskClub cut shares of McGrath RentCorp from a “hold” rating to a “sell” rating in a research report on Tuesday, July 17th. ValuEngine cut shares of McGrath RentCorp from a “buy” rating to a “hold” rating in a research report on Monday, July 30th. Finally, Berenberg Bank began coverage on shares of McGrath RentCorp in a research report on Wednesday, September 19th. They set a “buy” rating and a $70.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $63.00.

In other news, VP John P. Skenesky sold 1,423 shares of the stock in a transaction dated Friday, September 7th. The shares were sold at an average price of $55.75, for a total transaction of $79,332.25. Following the transaction, the vice president now owns 1,716 shares of the company’s stock, valued at $95,667. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.00% of the company’s stock.

About McGrath RentCorp

McGrath RentCorp, a business to business rental company, rents and sells relocatable modular buildings, portable storage containers, electronic test equipment, and liquid and solid containment tanks and boxes in the United States and internationally. It operates through 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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