Montrose Environmental Group (NYSE:MEG) Announces Earnings Results, Beats Expectations By $0.11 EPS

Montrose Environmental Group (NYSE:MEG) posted its earnings results on Wednesday. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.24 by $0.11, FiscalAI reports. The firm had revenue of $193.27 million during the quarter, compared to the consensus estimate of $186.24 million. Montrose Environmental Group had a positive return on equity of 0.17% and a negative net margin of 2.52%.The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned ($0.90) earnings per share.

Montrose Environmental Group Trading Up 22.8%

MEG stock traded up $5.33 during midday trading on Thursday, hitting $28.71. The stock had a trading volume of 840,579 shares, compared to its average volume of 366,169. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.70. The firm has a market cap of $1.01 billion, a P/E ratio of -31.74, a price-to-earnings-growth ratio of 1.60 and a beta of 2.02. The business has a fifty day moving average price of $23.90 and a two-hundred day moving average price of $26.20. Montrose Environmental Group has a 1-year low of $10.51 and a 1-year high of $32.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MEG. The Manufacturers Life Insurance Company lifted its holdings in shares of Montrose Environmental Group by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company’s stock worth $261,000 after purchasing an additional 488 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Montrose Environmental Group by 2.3% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after purchasing an additional 515 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Montrose Environmental Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock worth $269,000 after buying an additional 780 shares during the last quarter. Natixis Advisors LLC lifted its stake in shares of Montrose Environmental Group by 4.3% in the third quarter. Natixis Advisors LLC now owns 26,962 shares of the company’s stock valued at $740,000 after buying an additional 1,120 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new position in shares of Montrose Environmental Group during the third quarter valued at about $32,000. 87.87% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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