Montrose Environmental Group, Inc. (NYSE:MEG) Receives an Average Rating of “Hold” by Brokerages
Montrose Environmental Group, Inc. (NYSE:MEG – Get Rating) has been assigned an average rating of “Hold” by the nine research companies that currently cover the stock, reports MarketBeat Ratings. One investment analyst rated the stock with a sell recommendation, three gave the company a hold recommendation and three gave the company a buy recommendation. The average 1-year target price among brokerages that have reported on the stock in the past year is $47.93.
A number of research analysts have published reports on the company. Needham & Company LLC cut its price target on Montrose Environmental Group from $84.00 to $60.00 and set a “buy” rating on the stock in a Tuesday, March 1 research report. TheStreet upgraded Montrose Environmental Group from a “d” to a “c-” rating in a Tuesday, May 10 report. Zacks Investment Research upgraded Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a Saturday, March 5 report. Finally, JPMorgan Chase & Co. upgraded Montrose Environmental Group from a “neutral” rating to an “overweight” rating and set a price target of $47.00 on the stock in a Wednesday, May 11 report.
In other news, Director James K. Price acquired 11,807 shares of the company in a transaction that took place on Tuesday, May 17. The shares were purchased at an average cost of $42.35 per share, with a total value of $500,026.45. Following the acquisition, the administrator now owns 1,031,370 shares of the company, valued at approximately $43,678,519.50. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, director James K. Price purchased 13,340 shares of Montrose Environmental Group in a transaction that took place on Thursday, May 12. The shares were purchased at an average price of $37.47 per share, for a total transaction of $499,849.80. Following completion of the transaction, the administrator now owns 1,019,563 shares of the company, valued at $38,203,025.61. Disclosure of this purchase can be found here. 11.00% of the shares are held by insiders.
Several hedge funds have recently changed their MEG holdings. Morgan Stanley increased its position in shares of Montrose Environmental Group by 1,866.3% during the second quarter. Morgan Stanley now owns 162,613 shares of the company valued at $8,726,000 after buying an additional 154,343 shares last quarter. BlackRock Inc. increased its stake in shares of Montrose Environmental Group by 6.7% in the third quarter. BlackRock Inc. now owns 1,631,880 shares of the company worth $100,751,000 after purchasing an additional 103,015 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Montrose Environmental Group in the third quarter worth $213,000. Citigroup Inc. increased its stake in shares of Montrose Environmental Group to 79.8% in the third quarter. Citigroup Inc. now owns 3,086 shares of the company worth $191,000 after purchasing an additional 1,370 shares in the last quarter. Finally, Geode Capital Management LLC increased its equity stake in Montrose Environmental Group by 31.9% in the third quarter. Geode Capital Management LLC now owns 390,546 shares of the company worth $24,112,000 after acquiring an additional 94,534 shares during the period. Hedge funds and other institutional investors hold 96.51% of the company’s shares.
Shares of MEG were down $0.39 midday Friday, hitting $41.48. 74,341 shares were traded, against an average volume of 177,892. Montrose Environmental Group has a 12-month low of $35.23 and a 12-month high of $80.42. The company has a quick ratio of 2.40, a current ratio of 2.40 and a leverage ratio of 0.54. The company has a market capitalization of $1.23 billion, a P/E ratio of -30.50 and a beta of 1.36. The stock’s 50-day simple moving average is $45.59 and its 200-day simple moving average is $53.10.
Montrose Environmental Group (NYSE:MEG – Get Rating) last released its results on Monday, May 9. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($0.03) by ($0.36). Montrose Environmental Group recorded a negative net margin of 3.89% and a negative return on equity of 1.47%. The company posted revenue of $134.68 million in the quarter, versus a consensus estimate of $133.45 million. As a group, analysts predict Montrose Environmental Group will post -0.65 earnings per share for the current year.
Montrose Environmental Group Company Profile (Get a rating)
Montrose Environmental Group, Inc operates as an environmental services company in the United States. The Company operates in three segments: Assessment, Authorization and Response; measurement and analysis; and remediation and reuse. The Assessment, Permitting and Response segment provides scientific advisory and advisory services to support environmental assessments, environmental emergency response and recovery, toxicology consulting, and environmental audits and permits for ongoing operations, facility upgrades, new projects, decommissioning projects and development projects.
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