Brokerages Set Montrose Environmental Group, Inc. (NYSE:MEG) PT at $33.50

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) have earned an average recommendation of “Hold” from the six analysts that are currently covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $33.50.

A number of brokerages have recently weighed in on MEG. Wall Street Zen downgraded Montrose Environmental Group from a “buy” rating to a “hold” rating in a report on Saturday, November 22nd. Zacks Research lowered Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Needham & Company LLC upped their target price on Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Barclays increased their price target on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th.

Insider Activity

In other news, CEO Vijay Manthripragada sold 44,984 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $24.07, for a total transaction of $1,082,764.88. Following the transaction, the chief executive officer directly owned 316,637 shares in the company, valued at $7,621,452.59. The trade was a 12.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 11.20% of the stock is owned by company insiders.

Institutional Trading of Montrose Environmental Group

Several hedge funds and other institutional investors have recently modified their holdings of MEG. Alliancebernstein L.P. grew its stake in Montrose Environmental Group by 3,407.7% in the second quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock valued at $28,080,000 after purchasing an additional 1,246,199 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Montrose Environmental Group during the 1st quarter valued at about $6,886,000. William Blair Investment Management LLC lifted its holdings in shares of Montrose Environmental Group by 21.8% during the 2nd quarter. William Blair Investment Management LLC now owns 2,317,660 shares of the company’s stock valued at $50,734,000 after buying an additional 414,272 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Montrose Environmental Group by 245.0% in the 2nd quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock valued at $8,398,000 after buying an additional 272,444 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its holdings in Montrose Environmental Group by 44.6% in the second quarter. Stephens Investment Management Group LLC now owns 656,814 shares of the company’s stock worth $14,378,000 after buying an additional 202,541 shares during the last quarter. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Montrose Environmental Group Stock Down 2.3%

Shares of NYSE:MEG opened at $26.38 on Friday. The firm has a 50 day simple moving average of $26.34 and a 200 day simple moving average of $25.67. Montrose Environmental Group has a 52 week low of $10.51 and a 52 week high of $32.00. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.66 and a current ratio of 1.66. The company has a market cap of $932.27 million, a PE ratio of -28.99, a price-to-earnings-growth ratio of 3.00 and a beta of 1.99.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.01. The firm had revenue of $224.89 million for the quarter, compared to analysts’ expectations of $201.46 million. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. As a group, research analysts expect that Montrose Environmental Group will post 0.13 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.