Montrose Environmental Group (NYSE:MEG) Hits New 1-Year High at $49.87

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $49.87 and last traded at $49.86, with a volume of 38289 shares. The stock had previously closed at $49.01.

Wall Street Analysts Forecast Growth

MEG has been the subject of a number of recent research reports. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, May 9th. Stifel Nicolaus restated a “buy” rating and set a $51.00 price objective (up from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd. Finally, 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.

Montrose Environmental Group Price Performance

The company’s 50 day moving average is $42.65 and its 200-day moving average is $35.48. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 0.98.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.08. The firm had revenue of $165.74 million during the quarter, compared to the consensus estimate of $157.31 million. Montrose Environmental Group had a negative net margin of 4.55% and a negative return on equity of 1.78%. On average, sell-side analysts expect that Montrose Environmental Group, Inc. will post 0.17 EPS for the current year.

Insiders Place Their Bets

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $46.51, for a total transaction of $581,375.00. Following the completion of the sale, the chief executive officer now directly owns 316,637 shares in the company, valued at $14,726,786.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 11.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC lifted its holdings in shares of Montrose Environmental Group by 134.0% during the third quarter. Mutual of America Capital Management LLC now owns 39,904 shares of the company’s stock worth $1,168,000 after purchasing an additional 22,854 shares during the period. Summit Creek Advisors LLC lifted its holdings in Montrose Environmental Group by 22.0% in the fourth quarter. Summit Creek Advisors LLC now owns 228,344 shares of the company’s stock valued at $7,337,000 after buying an additional 41,189 shares during the period. Swiss National Bank lifted its holdings in Montrose Environmental Group by 1.8% in the third quarter. Swiss National Bank now owns 62,900 shares of the company’s stock valued at $1,840,000 after buying an additional 1,100 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Montrose Environmental Group by 3.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 214,047 shares of the company’s stock valued at $6,263,000 after buying an additional 7,140 shares during the period. Finally, Fisher Asset Management LLC lifted its holdings in Montrose Environmental Group by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 160,628 shares of the company’s stock valued at $5,161,000 after buying an additional 4,802 shares during the period. 87.87% of the stock is 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.