Wall Street Zen Upgrades Montrose Environmental Group (NYSE:MEG) to Buy

Montrose Environmental Group (NYSE:MEG) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

MEG has been the topic of a number of other research reports. JPMorgan Chase & Co. raised their target price on Montrose Environmental Group from $26.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Needham & Company LLC raised their price objective on Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Barclays lifted their price objective on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Zacks Research downgraded shares of Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $33.50.

Montrose Environmental Group Price Performance

Shares of NYSE:MEG opened at $24.95 on Friday. Montrose Environmental Group has a twelve month low of $10.51 and a twelve month high of $32.00. The stock’s 50 day moving average is $25.66 and its 200-day moving average is $26.00. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $881.80 million, a price-to-earnings ratio of -27.42, a PEG ratio of 1.48 and a beta of 1.97.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. The business had revenue of $224.89 million during the quarter, compared to analyst estimates of $201.46 million. Sell-side analysts forecast that Montrose Environmental Group will post 0.13 EPS for the current fiscal year.

Insider Activity at Montrose Environmental Group

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

Institutional Investors Weigh In On Montrose Environmental Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. Advisory Services Network LLC purchased a new stake in shares of Montrose Environmental Group in the third quarter worth $32,000. Canada Pension Plan Investment Board boosted its stake in Montrose Environmental Group by 533.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock worth $42,000 after purchasing an additional 1,600 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Montrose Environmental Group by 95.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after purchasing an additional 1,508 shares during the last quarter. CWM LLC increased its stake in Montrose Environmental Group by 1,015.3% during the 2nd quarter. CWM LLC now owns 4,506 shares of the company’s stock valued at $99,000 after purchasing an additional 4,102 shares in the last quarter. Finally, AlphaQuest LLC raised its holdings in Montrose Environmental Group by 17.4% in the second quarter. AlphaQuest LLC now owns 4,809 shares of the company’s stock worth $105,000 after buying an additional 713 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Company Profile

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.