Montrose Environmental Group (NYSE:ONT) Announces Earnings Results, Beats Expectations By $0.43 EPS

Montrose Environmental Group (NYSE:ONT) issued its quarterly earnings results on Wednesday. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.43, FiscalAI reports. Montrose Environmental Group had a net margin of 0.71% and a return on equity of 5.61%. The company had revenue of $186.66 million for the quarter, compared to the consensus estimate of $179.69 million.

Montrose Environmental Group Stock Performance

ONT stock traded down $0.05 during midday trading on Wednesday, hitting $22.80. 381,542 shares of the stock traded hands, compared to its average volume of 491,560. The firm has a market cap of $823.99 million, a P/E ratio of 456.09, a PEG ratio of 1.61 and a beta of 1.66. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.84. The stock’s fifty day simple moving average is $18.98 and its 200-day simple moving average is $20.90. Montrose Environmental Group has a 1-year low of $14.13 and a 1-year high of $32.00.

Insider Transactions at Montrose Environmental Group

In other news, Director Peter Graham acquired 25,140 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was acquired at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the transaction, the director owned 256,689 shares in the company, valued at approximately $4,412,483.91. The trade was a 10.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Allan Dicks bought 6,535 shares of the stock in a transaction dated Monday, May 11th. The shares were purchased at an average cost of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the purchase, the chief financial officer owned 218,178 shares in the company, valued at approximately $3,351,214.08. This represents a 3.09% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders acquired 36,535 shares of company stock valued at $610,003. Insiders own 10.40% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Several institutional investors have recently bought and sold shares of ONT. Intech Investment Management LLC raised its stake in shares of Montrose Environmental Group by 14.6% during the 4th quarter. Intech Investment Management LLC now owns 13,981 shares of the company’s stock worth $347,000 after buying an additional 1,778 shares during the period. LPL Financial LLC acquired a new stake in Montrose Environmental Group in the 4th quarter valued at $311,000. Triumph Capital Management purchased a new stake in Montrose Environmental Group in the 3rd quarter worth $308,000. BNP Paribas Financial Markets increased its holdings in Montrose Environmental Group by 16.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 13,277 shares of the company’s stock worth $291,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Montrose Environmental Group by 23.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,286 shares of the company’s stock worth $282,000 after acquiring an additional 1,953 shares during the period. 87.87% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on ONT shares. Wall Street Zen cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research note on Monday. Zacks Research upgraded shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. cut their price objective on shares of Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating on the stock in a research note on Monday, July 13th. Weiss Ratings reissued a “sell (d)” rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Finally, Barclays decreased their target price on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $23.00.

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.