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

Montrose Environmental Group (NYSE:MEG) issued its earnings results on Wednesday. The company reported $0.35 EPS for the quarter, topping 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’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.90) earnings per share.

Montrose Environmental Group Stock Up 22.9%

Montrose Environmental Group stock traded up $5.37 during mid-day trading on Thursday, reaching $28.75. 808,830 shares of the company’s stock were exchanged, compared to its average volume of 365,574. The company has a fifty day moving average of $23.90 and a 200-day moving average of $26.20. The company has a market cap of $1.02 billion, a P/E ratio of -31.56, a P/E/G ratio of 1.60 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. Montrose Environmental Group has a twelve month low of $10.51 and a twelve month high of $32.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MEG. Alliancebernstein L.P. grew its stake in Montrose Environmental Group by 3,407.7% during the 2nd quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock worth $28,080,000 after purchasing an additional 1,246,199 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Montrose Environmental Group by 128.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company’s stock worth $43,030,000 after buying an additional 975,770 shares in the last quarter. Marshall Wace LLP lifted its stake in Montrose Environmental Group by 245.0% in the second quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after acquiring an additional 272,444 shares during the last quarter. 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 worth $36,192,000 after acquiring an additional 179,855 shares in the last quarter. Finally, Algert Global LLC raised its holdings in shares of Montrose Environmental Group by 351.8% in the 3rd quarter. Algert Global LLC now owns 179,188 shares of the company’s stock valued at $4,921,000 after purchasing an additional 139,528 shares in the last quarter. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MEG has been the subject of a number of recent analyst reports. Barclays raised their price target on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Needham & Company LLC increased their price target on Montrose Environmental Group from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Finally, 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. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Montrose Environmental Group presently has an average rating of “Hold” and a consensus price target of $33.67.

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.