Montrose Environmental Group (NYSE:MEG) Issues Earnings Results

Montrose Environmental Group (NYSE:MEG) posted its earnings results on Wednesday. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.24 by $0.11, FiscalAI reports. The firm had revenue of $193.27 million during the quarter, compared to analysts’ expectations of $186.24 million. Montrose Environmental Group had a negative net margin of 0.10% and a positive return on equity of 4.45%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted ($0.90) EPS.

Montrose Environmental Group Stock Up 0.7%

Montrose Environmental Group stock traded up $0.21 during trading hours on Friday, hitting $28.84. The stock had a trading volume of 396,812 shares, compared to its average volume of 376,321. The stock’s 50-day moving average price is $23.97 and its 200-day moving average price is $26.22. The stock has a market capitalization of $1.02 billion, a P/E ratio of -120.08, a price-to-earnings-growth ratio of 1.65 and a beta of 2.02. Montrose Environmental Group has a 12-month low of $10.51 and a 12-month high of $32.00. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.70.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MEG. Needham & Company LLC increased their price objective on Montrose Environmental Group from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Wall Street Zen downgraded shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Barclays increased their price target on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a research note on Friday, November 7th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Montrose Environmental Group presently has an average rating of “Hold” and an average price target of $34.67.

Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds have recently bought and sold shares of the business. Advisory Services Network LLC bought a new position in shares of Montrose Environmental Group in the third quarter worth approximately $32,000. Canada Pension Plan Investment Board boosted its holdings in Montrose Environmental Group by 533.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock worth $42,000 after buying an additional 1,600 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Montrose Environmental Group by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock worth $68,000 after buying an additional 1,508 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in Montrose Environmental Group in the 4th quarter worth $103,000. Finally, PNC Financial Services Group Inc. raised its holdings in Montrose Environmental Group by 39.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,804 shares of the company’s stock valued at $119,000 after acquiring an additional 1,359 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

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.