Montrose Environmental Group (NYSE:MEG) Cut to “Hold” at Wall Street Zen

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

A number of other equities research analysts also recently weighed in on the stock. Zacks Research lowered Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Barclays boosted their price target on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the company an “overweight” rating in a report on Friday, November 7th. Needham & Company LLC increased their price objective on shares of Montrose Environmental Group from $31.00 to $32.00 and gave the stock a “buy” rating in a report on Thursday, November 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. raised their price target on shares of 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 research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $33.50.

Montrose Environmental Group Stock Performance

Shares of MEG stock opened at $21.86 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.66 and a quick ratio of 1.66. Montrose Environmental Group has a 12 month low of $10.51 and a 12 month high of $32.00. The company’s fifty day moving average price is $25.39 and its two-hundred day moving average price is $26.22. The firm has a market capitalization of $772.36 million, a P/E ratio of -24.02, a P/E/G ratio of 1.54 and a beta of 1.97.

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, topping the consensus estimate of $0.35 by $0.01. The company 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, research analysts anticipate that Montrose Environmental Group will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Montrose Environmental Group

In other news, CEO Vijay Manthripragada sold 44,984 shares of the 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 completion of the sale, the chief executive officer directly owned 316,637 shares of the company’s stock, valued at $7,621,452.59. This represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 11.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in Montrose Environmental Group by 4.3% during the second quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company’s stock worth $261,000 after acquiring an additional 488 shares during the period. CANADA LIFE ASSURANCE Co grew its position in Montrose Environmental Group by 2.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock worth $497,000 after purchasing an additional 515 shares during the last quarter. Horrell Capital Management Inc. increased its holdings in shares of Montrose Environmental Group by 2.2% during the 2nd quarter. Horrell Capital Management Inc. now owns 27,427 shares of the company’s stock worth $600,000 after purchasing an additional 597 shares during the period. AlphaQuest LLC increased its holdings in shares of Montrose Environmental Group by 17.4% during the 2nd quarter. AlphaQuest LLC now owns 4,809 shares of the company’s stock worth $105,000 after purchasing an additional 713 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in shares of Montrose Environmental Group by 13.0% during the second quarter. PNC Financial Services Group Inc. now owns 6,352 shares of the company’s stock valued at $139,000 after buying an additional 730 shares during the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.

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.