McGrath RentCorp (MGRC) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS
McGrath RentCorp (NASDAQ:MGRC) released its quarterly earnings data on Tuesday. The financial services provider reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.12, Briefing.com reports. The business had revenue of $135.39 million during the quarter, compared to analyst estimates of $124.90 million. McGrath RentCorp had a return on equity of 10.62% and a net margin of 9.74%. The company’s revenue was up 11.0% compared to the same quarter last year. During the same period last year, the company posted $0.54 EPS.
McGrath RentCorp (NASDAQ:MGRC) traded up 0.72% during midday trading on Tuesday, hitting $44.70. The stock had a trading volume of 55,471 shares. The stock’s 50-day moving average is $43.99 and its 200-day moving average is $37.88. McGrath RentCorp has a one year low of $29.99 and a one year high of $46.73. The company has a market cap of $1.07 billion, a P/E ratio of 25.56 and a beta of 0.97.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Tuesday, October 17th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Monday, October 16th. McGrath RentCorp’s dividend payout ratio is presently 59.43%.
In other McGrath RentCorp news, VP Trease Kristina Van sold 3,400 shares of McGrath RentCorp stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $39.61, for a total transaction of $134,674.00. Following the completion of the sale, the vice president now owns 15,030 shares of the company’s stock, valued at approximately $595,338.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Keith E. Pratt sold 3,261 shares of McGrath RentCorp stock in a transaction on Friday, August 4th. The stock was sold at an average price of $40.73, for a total transaction of $132,820.53. Following the sale, the vice president now directly owns 26,000 shares of the company’s stock, valued at approximately $1,058,980. The disclosure for this sale can be found here. Insiders have sold a total of 18,265 shares of company stock valued at $719,958 in the last ninety days. Company insiders own 4.60% of the company’s stock.
Several equities research analysts have recently weighed in on the company. BidaskClub raised McGrath RentCorp from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Saturday, August 5th.
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About McGrath RentCorp
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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