Bank of New York Mellon Corp Takes Position in Quest Resource Holding Co. (NASDAQ:QRHC)

Bank of New York Mellon Corp bought a new stake in Quest Resource Holding Co. (NASDAQ:QRHC) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 46,087 shares of the business services provider’s stock, valued at approximately $406,000. Bank of New York Mellon Corp owned approximately 0.23% of Quest Resource at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. North Star Investment Management Corp. acquired a new position in shares of Quest Resource during the first quarter valued at about $1,287,000. Russell Investments Group Ltd. boosted its stake in Quest Resource by 453.5% during the 1st quarter. Russell Investments Group Ltd. now owns 18,448 shares of the business services provider’s stock valued at $158,000 after purchasing an additional 15,115 shares during the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in Quest Resource by 2.7% during the 1st quarter. First Eagle Investment Management LLC now owns 356,398 shares of the business services provider’s stock valued at $3,058,000 after purchasing an additional 9,490 shares during the last quarter. 48.16% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Quest Resource

In other Quest Resource news, COO David P. Sweitzer sold 22,593 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $8.00, for a total transaction of $180,744.00. Following the completion of the transaction, the chief operating officer now directly owns 8,511 shares of the company’s stock, valued at $68,088. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 22.84% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

QRHC has been the topic of a number of recent research reports. StockNews.com upgraded Quest Resource from a “sell” rating to a “hold” rating in a report on Friday, September 6th. Northland Securities began coverage on Quest Resource in a research note on Tuesday, September 17th. They set an “outperform” rating and a $12.50 price objective on the stock. Craig Hallum reduced their target price on shares of Quest Resource from $15.00 to $13.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Northland Capmk upgraded shares of Quest Resource to a “strong-buy” rating in a report on Tuesday, September 17th.

Quest Resource Stock Performance

Shares of QRHC opened at $8.78 on Thursday. The stock has a 50 day moving average of $8.49 and a 200 day moving average of $8.75. The company has a current ratio of 1.49, a quick ratio of 1.49 and a debt-to-equity ratio of 1.08. Quest Resource Holding Co. has a 12 month low of $6.01 and a 12 month high of $10.85. The company has a market capitalization of $178.94 million, a price-to-earnings ratio of -31.36, a PEG ratio of 2.19 and a beta of 0.65.

Quest Resource (NASDAQ:QRHC) last released its earnings results on Thursday, August 8th. The business services provider reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.06). The business had revenue of $73.15 million for the quarter, compared to the consensus estimate of $76.50 million. Quest Resource had a positive return on equity of 5.61% and a negative net margin of 2.29%. As a group, sell-side analysts forecast that Quest Resource Holding Co. will post 0.28 earnings per share for the current year.

About Quest Resource

Quest Resource Holding Corporation, together with its subsidiaries, provides solutions for the reuse, recycling, and disposal of various waste streams and recyclables in the United States. The company provides disposal and recycling services for motor oil and automotive lubricants, oil filters, scrap tires, oily water, goods destruction, food waste, meat renderings, cooking oil and grease trap waste, plastics, cardboard, metal, glass, mixed paper, construction debris, as well as a large variety of regulated and non-regulated solid, liquid, and gas wastes.