Montrose Environmental Group (NYSE:MEG) Hits New 1-Year Low After Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price hit a new 52-week low on Wednesday after Stifel Nicolaus lowered their price target on the stock from $41.00 to $38.00. Stifel Nicolaus currently has a buy rating on the stock. Montrose Environmental Group traded as low as $16.04 and last traded at $16.43, with a volume of 57412 shares traded. The stock had previously closed at $16.47.

A number of other equities analysts have also recently issued reports on the company. Needham & Company LLC cut their price target on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, November 8th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 17th. Finally, Bank of America lowered 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, November 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of “Moderate Buy” and a consensus price target of $36.60.

Institutional Trading of Montrose Environmental Group

Several institutional investors and hedge funds have recently modified their holdings of MEG. Fred Alger Management LLC lifted its stake in Montrose Environmental Group by 33.7% during the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after acquiring an additional 470,706 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Montrose Environmental Group by 11.4% during the second quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock worth $56,613,000 after purchasing an additional 130,000 shares during the last quarter. Bamco Inc. NY grew its position in Montrose Environmental Group by 7.4% in the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Montrose Environmental Group by 253.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after buying an additional 823,636 shares in the last quarter. Finally, Blair William & Co. IL lifted its position in shares of Montrose Environmental Group by 5.1% during the 2nd quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock worth $34,296,000 after buying an additional 37,335 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Trading Down 5.3 %

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The company has a market capitalization of $534.74 million, a P/E ratio of -10.60 and a beta of 1.72. The firm has a fifty day moving average price of $22.03 and a 200-day moving average price of $31.19.

Montrose Environmental Group Company Profile

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.