Montrose Environmental Group (NYSE:MEG) Downgraded to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Montrose Environmental Group (NYSE:MEG) from a buy rating to a hold rating in a report issued on Saturday.

Other equities research analysts have also issued research reports about the stock. Barclays raised their target price 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. JPMorgan Chase & Co. raised their price objective on shares of Montrose Environmental Group from $26.00 to $33.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Needham & Company LLC boosted their target price on Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Zacks Research downgraded 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 note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $33.50.

Montrose Environmental Group Trading Down 7.4%

Shares of MEG stock opened at $21.86 on Friday. The company has a market cap of $772.31 million, a PE ratio of -24.02, a price-to-earnings-growth ratio of 1.54 and a beta of 1.97. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.66 and a quick ratio of 1.66. The stock’s 50 day simple moving average is $25.45 and its two-hundred day simple moving average is $26.19. Montrose Environmental Group has a 1 year low of $10.51 and a 1 year high of $32.00.

Montrose Environmental Group (NYSE:MEG) last released its earnings results on Tuesday, November 4th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. Montrose Environmental Group had a positive return on equity of 0.17% and a negative net margin of 2.52%.The firm had revenue of $224.89 million for the quarter, compared to the consensus estimate of $201.46 million. Research analysts predict that Montrose Environmental Group will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 44,984 shares of the firm’s stock in a transaction dated 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 owned 316,637 shares of the company’s stock, valued at approximately $7,621,452.59. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors have recently bought and sold shares of MEG. Advisory Services Network LLC purchased a new stake in shares of Montrose Environmental Group during the 3rd quarter valued at $32,000. Canada Pension Plan Investment Board increased its position in Montrose Environmental Group by 533.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after buying an additional 1,600 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Montrose Environmental Group by 95.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after buying an additional 1,508 shares during the last quarter. CWM LLC raised its stake in Montrose Environmental Group by 1,015.3% in the second quarter. CWM LLC now owns 4,506 shares of the company’s stock valued at $99,000 after buying an additional 4,102 shares during the last quarter. Finally, AlphaQuest LLC boosted 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 acquiring an additional 713 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other 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.