Montrose Environmental Group (NYSE:MEG) Stock Price Down 4.7% on Insider Selling

Montrose Environmental Group, Inc. (NYSE:MEG) shares were down 4.7% during trading on Monday following insider selling activity. The company traded as low as $23.81 and last traded at $23.74. Approximately 130,779 shares were traded during trading, a decline of 66% from the average daily volume of 386,698 shares. The stock had previously closed at $24.91.

Specifically, CEO Vijay Manthripragada sold 46,121 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $25.41, for a total transaction of $1,171,934.61. Following the transaction, the chief executive officer owned 236,788 shares in the company, valued at approximately $6,016,783.08. This represents a 16.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jose Revuelta sold 7,858 shares of the business’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $27.00, for a total transaction of $212,166.00. Following the sale, the insider directly owned 269,282 shares of the company’s stock, valued at approximately $7,270,614. The trade was a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MEG. Wall Street Zen lowered shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Needham & Company LLC raised their price objective on shares of Montrose Environmental Group from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $34.67.

Montrose Environmental Group Price Performance

The stock has a market capitalization of $795.77 million, a PE ratio of -92.15, a PEG ratio of 1.72 and a beta of 1.92. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.68. The business has a fifty day moving average price of $24.18 and a 200-day moving average price of $26.01.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. The firm had revenue of $193.27 million for the quarter, compared to analysts’ expectations of $186.24 million. Montrose Environmental Group had a positive return on equity of 4.47% and a negative net margin of 0.10%.The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.90) earnings per share. Research analysts expect that Montrose Environmental Group, Inc. will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company boosted its stake in Montrose Environmental Group by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company’s stock worth $261,000 after purchasing an additional 488 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Montrose Environmental Group by 2.3% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after purchasing an additional 515 shares in the last quarter. CWM LLC raised its holdings in Montrose Environmental Group by 8.6% in the fourth quarter. CWM LLC now owns 8,324 shares of the company’s stock worth $207,000 after buying an additional 659 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Montrose Environmental Group by 13.0% in the second quarter. PNC Financial Services Group Inc. now owns 6,352 shares of the company’s stock worth $139,000 after buying an additional 730 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Montrose Environmental Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock valued at $269,000 after buying an additional 780 shares during 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.