Montrose Environmental Group (NYSE:ONT) Announces Quarterly Earnings Results

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

Montrose Environmental Group Stock Down 0.2%

Montrose Environmental Group stock traded down $0.05 during trading on Wednesday, reaching $22.80. The stock had a trading volume of 381,542 shares, compared to its average volume of 491,560. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76. Montrose Environmental Group has a 52-week low of $14.13 and a 52-week high of $32.00. The stock has a market cap of $823.99 million, a PE ratio of 456.09, a P/E/G ratio of 1.61 and a beta of 1.66. The business has a 50 day moving average price of $18.98 and a 200 day moving average price of $20.90.

Insider Buying and Selling

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

Institutional Investors Weigh In On Montrose Environmental Group

Several institutional investors have recently added to or reduced their stakes in ONT. The Manufacturers Life Insurance Company raised its holdings in Montrose Environmental Group by 4.3% during the second 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 boosted its holdings in shares of Montrose Environmental Group by 2.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after buying an additional 515 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Montrose Environmental Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock valued at $269,000 after buying an additional 780 shares during the last quarter. Natixis Advisors LLC raised its stake in Montrose Environmental Group by 4.3% during the 3rd quarter. Natixis Advisors LLC now owns 26,962 shares of the company’s stock worth $740,000 after acquiring an additional 1,120 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in Montrose Environmental Group during the 3rd quarter worth $32,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Barclays dropped 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 report on Monday, May 18th. Needham & Company LLC reduced their target price on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Wall Street Zen cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research report 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. Finally, JPMorgan Chase & Co. cut their price objective on Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating on the stock in a research report on Monday, July 13th. Two 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 company. According to MarketBeat, Montrose Environmental Group has a consensus rating of “Hold” and an average target price 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.