FY2024 EPS Estimates for McGrath RentCorp Lifted by Sidoti Csr (NASDAQ:MGRC)

McGrath RentCorp (NASDAQ:MGRC) – Stock analysts at Sidoti Csr upped their FY2024 earnings per share (EPS) estimates for McGrath RentCorp in a research note issued on Monday, April 29th. Sidoti Csr analyst M. Riddick now anticipates that the financial services provider will post earnings per share of $5.55 for the year, up from their prior forecast of $5.39. The consensus estimate for McGrath RentCorp’s current full-year earnings is $4.97 per share.

McGrath RentCorp (NASDAQ:MGRC) last posted its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.20. McGrath RentCorp had a net margin of 14.70% and a return on equity of 13.43%. The company had revenue of $187.80 million during the quarter, compared to the consensus estimate of $145.63 million. During the same period last year, the firm earned $0.89 EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis.

Separately, StockNews.com started coverage on McGrath RentCorp in a research note on Sunday. They issued a “hold” rating on the stock.

McGrath RentCorp Stock Down 3.0 %

Shares of McGrath RentCorp stock opened at $106.66 on Wednesday. McGrath RentCorp has a fifty-two week low of $86.50 and a fifty-two week high of $130.86. The firm has a market cap of $2.62 billion, a PE ratio of 20.79, a P/E/G ratio of 1.70 and a beta of 0.80. The business’s fifty day moving average is $118.89 and its two-hundred day moving average is $113.54.

Institutional Investors Weigh In On McGrath RentCorp

Institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its holdings in shares of McGrath RentCorp by 244.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,333 shares of the financial services provider’s stock valued at $5,183,000 after acquiring an additional 30,737 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of McGrath RentCorp by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 2,679,998 shares of the financial services provider’s stock valued at $268,643,000 after acquiring an additional 22,273 shares during the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of McGrath RentCorp in the 4th quarter valued at approximately $25,329,000. UBS Group AG increased its holdings in shares of McGrath RentCorp by 26.9% in the 3rd quarter. UBS Group AG now owns 61,326 shares of the financial services provider’s stock valued at $6,147,000 after acquiring an additional 12,981 shares during the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in shares of McGrath RentCorp in the 3rd quarter valued at approximately $838,000. 92.05% of the stock is currently owned by institutional investors.

McGrath RentCorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Tuesday, April 16th were issued a dividend of $0.475 per share. The ex-dividend date of this dividend was Monday, April 15th. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.47. This represents a $1.90 annualized dividend and a yield of 1.78%. McGrath RentCorp’s payout ratio is currently 37.04%.

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.