Montrose Environmental Group (NYSE:MEG) Hits New 1-Year High at $59.97

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price reached a new 52-week high on Wednesday . The company traded as high as $59.97 and last traded at $59.40, with a volume of 4345 shares. The stock had previously closed at $57.89.

A number of analysts have recently weighed in on MEG shares. Morgan Stanley boosted their target price on shares of Montrose Environmental Group from $46.00 to $49.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 16th. Zacks Investment Research downgraded shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a report on Thursday, August 12th. Finally, Needham & Company LLC restated a “buy” rating and issued a $62.00 target price on shares of Montrose Environmental Group in a report on Wednesday, July 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $39.61.

The company has a market capitalization of $1.56 billion, a P/E ratio of -13.01 and a beta of 0.80. The firm’s fifty day moving average is $50.12 and its 200 day moving average is $50.44. The company has a debt-to-equity ratio of 1.70, a quick ratio of 1.63 and a current ratio of 1.63.

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

In other Montrose Environmental Group news, Director James K. Price purchased 11,406 shares of the stock in a transaction dated Thursday, August 19th. The stock was purchased at an average price of $44.19 per share, with a total value of $504,031.14. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Nasym Afsari sold 517 shares of the company’s stock in a transaction that occurred on Thursday, June 24th. The stock was sold at an average price of $55.00, for a total transaction of $28,435.00. Following the completion of the sale, the general counsel now directly owns 20,187 shares of the company’s stock, valued at approximately $1,110,285. The disclosure for this sale can be found here. Insiders have sold a total of 153,895 shares of company stock worth $8,746,691 over the last quarter. 16.92% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company lifted its position in Montrose Environmental Group by 80.4% during the first quarter. The Manufacturers Life Insurance Company now owns 11,747 shares of the company’s stock valued at $590,000 after acquiring an additional 5,235 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Montrose Environmental Group by 586.9% during the first quarter. Envestnet Asset Management Inc. now owns 57,181 shares of the company’s stock valued at $2,870,000 after acquiring an additional 48,857 shares during the last quarter. Los Angeles Capital Management LLC lifted its position in Montrose Environmental Group by 12.7% during the first quarter. Los Angeles Capital Management LLC now owns 30,335 shares of the company’s stock valued at $1,523,000 after acquiring an additional 3,425 shares during the last quarter. Alliancebernstein L.P. purchased a new stake in Montrose Environmental Group during the first quarter valued at approximately $1,039,000. Finally, Rhumbline Advisers lifted its position in Montrose Environmental Group by 107.4% during the first quarter. Rhumbline Advisers now owns 25,879 shares of the company’s stock valued at $1,299,000 after acquiring an additional 13,404 shares during the last quarter. 71.32% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Company Profile (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.

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