Montrose Environmental Group (NYSE:MEG) Issues Quarterly Earnings Results

Montrose Environmental Group (NYSE:MEG) issued its quarterly earnings data on Wednesday. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11, FiscalAI reports. The company had revenue of $193.27 million for the quarter, compared to the consensus estimate of $186.24 million. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%.

Montrose Environmental Group Trading Up 2.9%

Shares of MEG stock traded up $0.65 during mid-day trading on Wednesday, hitting $23.27. 702,777 shares of the company’s stock were exchanged, compared to its average volume of 354,367. The stock has a 50-day simple moving average of $23.94 and a two-hundred day simple moving average of $26.22. Montrose Environmental Group has a fifty-two week low of $10.51 and a fifty-two week high of $32.00. The stock has a market cap of $822.36 million, a price-to-earnings ratio of -25.57, a PEG ratio of 1.57 and a beta of 2.02. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.70.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. increased its position in shares of Montrose Environmental Group by 3,407.7% in the second quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock worth $28,080,000 after acquiring an additional 1,246,199 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Montrose Environmental Group by 128.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company’s stock valued at $43,030,000 after acquiring an additional 975,770 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Montrose Environmental Group by 245.0% during the second quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock valued at $8,398,000 after purchasing an additional 272,444 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Montrose Environmental Group by 14.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,457,574 shares of the company’s stock valued at $36,192,000 after purchasing an additional 179,855 shares in the last quarter. Finally, Algert Global LLC increased its stake in Montrose Environmental Group by 351.8% during the 3rd quarter. Algert Global LLC now owns 179,188 shares of the company’s stock worth $4,921,000 after buying an additional 139,528 shares during the period. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MEG. Barclays boosted their price objective on Montrose Environmental Group from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Wall Street Zen lowered shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Needham & Company LLC upped their price objective on shares of Montrose Environmental Group from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $33.67.

About Montrose Environmental Group

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.