Montrose Environmental Group, Inc. (NYSE:MEG) Given Consensus Rating of “Moderate Buy” by Brokerages

Montrose Environmental Group, Inc. (NYSE:MEG) has earned a consensus recommendation of “Moderate Buy” from the six research firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $42.83.

A number of research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a report on Wednesday, October 16th. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $52.00 to $29.00 in a report on Wednesday. Finally, Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a report on Thursday, October 17th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Montrose Environmental Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock worth $60,502,000 after acquiring an additional 9,913 shares in the last quarter. Fred Alger Management LLC boosted its holdings in shares of Montrose Environmental Group by 17.6% in the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock valued at $62,192,000 after buying an additional 208,785 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Montrose Environmental Group by 11.4% in the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after buying an additional 130,000 shares in the last quarter. Bamco Inc. NY boosted its holdings in shares of Montrose Environmental Group by 9.8% in the 1st quarter. Bamco Inc. NY now owns 1,154,030 shares of the company’s stock valued at $45,203,000 after buying an additional 102,536 shares in the last quarter. Finally, Driehaus Capital Management LLC boosted its holdings in shares of Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after buying an additional 823,636 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Trading Down 10.1 %

MEG stock traded down $2.69 during trading on Wednesday, reaching $24.01. 653,230 shares of the stock were exchanged, compared to its average volume of 379,233. The business has a 50 day moving average price of $27.03 and a 200-day moving average price of $35.74. The firm has a market capitalization of $821.86 million, a price-to-earnings ratio of -16.23 and a beta of 1.86. Montrose Environmental Group has a 1 year low of $19.59 and a 1 year high of $49.97. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.15). The company had revenue of $173.33 million during the quarter, compared to analysts’ expectations of $174.59 million. Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. On average, research analysts predict that Montrose Environmental Group will post 0.19 earnings per share for the current year.

About Montrose Environmental Group

Montrose Environmental Group, Inc operates as an environmental services company in the United States, Canada, and internationally. 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.