Montrose Environmental Group (NYSE:MEG) Shares Gap Up to $37.15

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) gapped up prior to trading on Thursday . The stock had previously closed at $37.15, but opened at $39.05. Montrose Environmental Group shares last traded at $38.69, with a volume of 496,601 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MEG. Stifel Nicolaus restated a “buy” rating and issued a $51.00 price objective (up from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. raised their target price on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 target price on shares of Montrose Environmental Group in a research note on Thursday, April 4th.

Montrose Environmental Group Trading Up 6.4 %

The business’s 50 day moving average is $38.07 and its two-hundred day moving average is $32.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.59 and a quick ratio of 1.59.

Montrose Environmental Group (NYSE:MEG) last announced its earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.08. The business had revenue of $165.74 million for the quarter, compared to the consensus estimate of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. On average, analysts anticipate that Montrose Environmental Group, Inc. will post -0.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Montrose Environmental Group

A number of hedge funds have recently made changes to their positions in MEG. Capital Research Global Investors lifted its holdings in shares of Montrose Environmental Group by 23.8% in the 1st quarter. Capital Research Global Investors now owns 2,699,774 shares of the company’s stock worth $142,899,000 after acquiring an additional 519,892 shares during the last quarter. Emerald Advisers LLC lifted its holdings in shares of Montrose Environmental Group by 62.4% in the 3rd quarter. Emerald Advisers LLC now owns 777,221 shares of the company’s stock worth $22,741,000 after acquiring an additional 298,629 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in shares of Montrose Environmental Group by 281.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 379,510 shares of the company’s stock worth $15,985,000 after acquiring an additional 280,130 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Montrose Environmental Group by 12.0% in the 2nd quarter. BlackRock Inc. now owns 2,446,774 shares of the company’s stock worth $103,058,000 after acquiring an additional 261,226 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust lifted its holdings in shares of Montrose Environmental Group by 51.4% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 635,695 shares of the company’s stock worth $18,600,000 after acquiring an additional 215,883 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

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.