McGrath RentCorp (NASDAQ:MGRC – Get Rating) – Oppenheimer increased their Q1 2023 earnings estimates for shares of McGrath RentCorp in a report released on Thursday, February 23rd. Oppenheimer analyst S. Schneeberger now expects that the financial services provider will post earnings of $0.70 per share for the quarter, up from their previous estimate of $0.67. Oppenheimer currently has a “Outperform” rating and a $114.00 price target on the stock. The consensus estimate for McGrath RentCorp’s current full-year earnings is $4.60 per share. Oppenheimer also issued estimates for McGrath RentCorp’s Q3 2023 earnings at $1.26 EPS and FY2024 earnings at $4.68 EPS.
McGrath RentCorp (NASDAQ:MGRC – Get Rating) last announced its earnings results on Wednesday, February 22nd. The financial services provider reported $1.62 EPS for the quarter, topping the consensus estimate of $1.34 by $0.28. The business had revenue of $210.90 million during the quarter, compared to the consensus estimate of $201.16 million. McGrath RentCorp had a net margin of 15.69% and a return on equity of 15.02%. McGrath RentCorp’s revenue was up 19.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.16 EPS.
McGrath RentCorp Stock Performance
Shares of MGRC stock opened at $104.26 on Monday. The company has a market capitalization of $2.54 billion, a price-to-earnings ratio of 22.14, a PEG ratio of 2.06 and a beta of 0.77. The company has a 50-day simple moving average of $100.55 and a 200 day simple moving average of $93.63. McGrath RentCorp has a 52 week low of $73.29 and a 52 week high of $111.70.
Institutional Trading of McGrath RentCorp
A number of institutional investors have recently bought and sold shares of the business. Cibc World Market Inc. boosted its holdings in McGrath RentCorp by 2.2% in the 2nd quarter. Cibc World Market Inc. now owns 5,419 shares of the financial services provider’s stock valued at $412,000 after purchasing an additional 117 shares during the period. FMR LLC lifted its holdings in shares of McGrath RentCorp by 14.1% during the 2nd quarter. FMR LLC now owns 978 shares of the financial services provider’s stock worth $74,000 after acquiring an additional 121 shares during the period. Cim LLC lifted its holdings in shares of McGrath RentCorp by 2.5% during the 3rd quarter. Cim LLC now owns 4,913 shares of the financial services provider’s stock worth $474,000 after acquiring an additional 122 shares during the period. Amalgamated Bank lifted its holdings in shares of McGrath RentCorp by 3.2% during the 4th quarter. Amalgamated Bank now owns 4,005 shares of the financial services provider’s stock worth $395,000 after acquiring an additional 123 shares during the period. Finally, Huntington National Bank lifted its holdings in shares of McGrath RentCorp by 16.4% during the 4th quarter. Huntington National Bank now owns 936 shares of the financial services provider’s stock worth $92,000 after acquiring an additional 132 shares during the period. Institutional investors own 82.90% of the company’s stock.
McGrath RentCorp Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 28th. Shareholders of record on Friday, April 14th will be issued a $0.465 dividend. The ex-dividend date is Thursday, April 13th. This represents a $1.86 dividend on an annualized basis and a yield of 1.78%. This is an increase from McGrath RentCorp’s previous quarterly dividend of $0.46. McGrath RentCorp’s payout ratio is currently 38.64%.
McGrath RentCorp Company Profile
McGrath RentCorp engages in the provision of business-to-business rental services. It operates through the following segments: Mobile Modular, TRS-RenTelco, Adler Tanks, and Enviroplex. The Mobile Modular segment operates for its modular building and portable storage. The TRS-RenTelco segment includes operations for its electronic test equipment.
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