Montrose Environmental Group (NYSE:MEG) Shares Down 4.9%

Montrose Environmental Group, Inc. (NYSE:MEG) shares fell 4.9% on Thursday . The company traded as low as $61.19 and last traded at $61.80. 3,096 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 392,215 shares. The stock had previously closed at $64.99.

A number of research firms recently weighed in on MEG. Zacks Investment Research upgraded Montrose Environmental Group from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research note on Wednesday. Stifel Nicolaus upped their price objective on Montrose Environmental Group from $63.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley upped their price objective on Montrose Environmental Group from $46.00 to $49.00 and gave the company an “equal weight” rating in a report on Wednesday, June 16th. The Goldman Sachs Group upped their price objective on Montrose Environmental Group from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Tuesday, September 28th. Finally, Needham & Company LLC upped their price objective on Montrose Environmental Group from $62.00 to $68.00 and gave the company a “buy” rating in a report on Friday, October 1st. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Montrose Environmental Group presently has an average rating of “Buy” and a consensus price target of $40.75.

The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 1.70. The firm has a fifty day moving average price of $55.35 and a 200-day moving average price of $52.94.

Montrose Environmental Group (NYSE:MEG) last released its earnings results on Monday, August 9th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.63). The company had revenue of $136.22 million for the quarter, compared to analyst estimates of $118.95 million. Montrose Environmental Group had a positive return on equity of 2.78% and a negative net margin of 12.08%. Research analysts anticipate that Montrose Environmental Group, Inc. will post -0.13 earnings per share for the current year.

In related news, CFO Allan Dicks sold 819 shares of the company’s stock in a transaction on Thursday, September 16th. The stock was sold at an average price of $60.00, for a total transaction of $49,140.00. Following the completion of the sale, the chief financial officer now directly owns 58,000 shares in the company, valued at approximately $3,480,000. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Vijay Manthripragada sold 28,126 shares of the company’s stock in a transaction on Monday, September 27th. The stock was sold at an average price of $67.59, for a total value of $1,901,036.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 337,426 shares of company stock worth $20,513,369. 16.92% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its position in Montrose Environmental Group by 1,181.8% in the first quarter. Royal Bank of Canada now owns 1,897 shares of the company’s stock valued at $95,000 after purchasing an additional 1,749 shares during the last quarter. Tortoise Index Solutions LLC bought a new position in Montrose Environmental Group in the second quarter valued at about $129,000. SG Americas Securities LLC bought a new position in Montrose Environmental Group in the first quarter valued at about $159,000. Legal & General Group Plc raised its position in Montrose Environmental Group by 13.0% in the second quarter. Legal & General Group Plc now owns 3,244 shares of the company’s stock valued at $174,000 after purchasing an additional 373 shares during the last quarter. Finally, Amalgamated Bank bought a new position in Montrose Environmental Group in the second quarter valued at about $227,000. Institutional investors and hedge funds own 71.32% of the company’s stock.

About Montrose Environmental Group (NYSE:MEG)

Montrose Environmental Group, Inc operates as an environmental services company in the United States. The company operates in three segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. The Assessment, Permitting and Response segment provides scientific advisory and consulting services to support environmental assessments, environmental emergency response and recovery, toxicology consulting and environmental audits and permits for current operations, facility upgrades, new projects, decommissioning projects, and development projects.

See Also: Fiduciary

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