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

Key Points

• Montrose Environmental Group beat quarterly expectations: EPS was $0.51 versus the $0.08 consensus estimate, while revenue reached $186.66 million compared with expectations of $179.69 million.
• The stock traded near $22.80, with a market capitalization of about $824 million. Analysts’ average rating is Hold, with an average price target of $23.00 after several target reductions.
• Insiders purchased 36,535 shares worth approximately $610,000 over the past 90 days, while institutional investors own 87.87% of the company.

Montrose Environmental Group (NYSE:ONT - Get Free Report) announced its earnings results on Wednesday. The company reported $0.51 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $186.66 million for the quarter, compared to analysts' expectations of $179.69 million.

Montrose Environmental Group Price Performance

NYSE ONT traded down $0.05 during trading hours on Wednesday, reaching $22.80. The company's stock had a trading volume of 381,542 shares, compared to its average volume of 491,560. Montrose Environmental Group has a 1-year low of $14.13 and a 1-year high of $32.00. The firm has a market capitalization of $823.99 million, a price-to-earnings ratio of 456.09, a P/E/G 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 company's 50-day moving average is $18.98 and its two-hundred day moving average is $20.90.

Insider Activity

In other Montrose Environmental Group news, CFO Allan Dicks acquired 6,535 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $15.36 per share, with a total value of $100,377.60. Following the purchase, the chief financial officer owned 218,178 shares in the company, valued at approximately $3,351,214.08. The trade was a 3.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peter Graham purchased 25,140 shares of the company's stock in a transaction dated Friday, June 5th. The stock was bought at an average price of $17.19 per share, with a total value of $432,156.60. Following the completion of the transaction, the director directly owned 256,689 shares of the company's stock, valued at approximately $4,412,483.91. This represents a 10.86% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 36,535 shares of company stock valued at $610,003. Insiders own 10.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 purchasing an additional 780 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Montrose Environmental Group by 39.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 326,969 shares of the company's stock valued at $4,663,000 after buying an additional 92,671 shares during the period. Rhumbline Advisers lifted its holdings in Montrose Environmental Group by 27.9% in the second quarter. Rhumbline Advisers now owns 57,667 shares of the company's stock valued at $1,262,000 after acquiring an additional 12,566 shares during the last quarter. Invesco Ltd. increased its stake in Montrose Environmental Group by 13.1% during the second quarter. Invesco Ltd. now owns 152,085 shares of the company's stock worth $3,329,000 after acquiring an additional 17,601 shares during the last quarter. Finally, Marshall Wace LLP raised its position in Montrose Environmental Group by 245.0% in 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. Institutional investors and hedge funds own 87.87% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Zacks Research upgraded shares of Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Weiss Ratings restated a "sell (d)" rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Barclays lowered their target price on Montrose Environmental Group from $40.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, May 18th. Wall Street Zen lowered Montrose Environmental Group from a "hold" rating to a "sell" rating in a research note on Monday. Finally, Needham & Company LLC reduced their price target on Montrose Environmental Group from $35.00 to $28.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $23.00.

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.

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