Montrose Environmental Group (NYSE:MEG) Shares Down 6.3% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price fell 6.3% during mid-day trading on Wednesday . The company traded as low as $24.59 and last traded at $24.3540. 57,366 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 228,781 shares. The stock had previously closed at $25.99.

Wall Street Analyst Weigh In

MEG has been the subject of several research reports. Barclays increased their price target on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. Wall Street Zen raised shares of Montrose Environmental Group from a “hold” rating to a “buy” rating in a report on Saturday, January 3rd. Needham & Company LLC increased their price objective on Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 6th. Finally, JPMorgan Chase & Co. boosted their target price on Montrose Environmental Group from $26.00 to $33.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $33.50.

Montrose Environmental Group Trading Down 11.6%

The firm has a 50 day simple moving average of $25.62 and a 200 day simple moving average of $26.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $811.51 million, a P/E ratio of -25.29, a P/E/G ratio of 1.83 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 the consensus estimate of $0.35 by $0.01. The firm had revenue of $224.89 million during the quarter, compared to the consensus estimate of $201.46 million. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. On average, equities research analysts predict that Montrose Environmental Group, Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Montrose Environmental Group

In related news, CEO Vijay Manthripragada sold 44,984 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $24.07, for a total value of $1,082,764.88. Following the sale, the chief executive officer directly owned 316,637 shares of the company’s stock, valued at $7,621,452.59. This trade represents a 12.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its stake in shares of Montrose Environmental Group by 4.3% in the second 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 during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in shares of Montrose Environmental Group by 2.3% during the second quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after buying an additional 515 shares during the period. Horrell Capital Management Inc. lifted its stake in Montrose Environmental Group by 2.2% in the second quarter. Horrell Capital Management Inc. now owns 27,427 shares of the company’s stock worth $600,000 after acquiring an additional 597 shares during the period. AlphaQuest LLC increased its position in Montrose Environmental Group by 17.4% during the 2nd quarter. AlphaQuest LLC now owns 4,809 shares of the company’s stock valued at $105,000 after purchasing an additional 713 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in Montrose Environmental Group by 13.0% in the 2nd quarter. PNC Financial Services Group Inc. now owns 6,352 shares of the company’s stock worth $139,000 after purchasing an additional 730 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors.

About Montrose Environmental Group

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.