Montrose Environmental Group (NYSE:MEG) Hits New 1-Year High at $49.87

Montrose Environmental Group, Inc. (NYSE:MEGGet Free Report) shares hit a new 52-week high on Tuesday . The company traded as high as $49.87 and last traded at $49.86, with a volume of 38289 shares traded. The stock had previously closed at $49.01.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MEG. Stifel Nicolaus reissued a “buy” rating and set a $51.00 price objective (up from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. raised their price objective on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Finally, Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, May 9th.

Read Our Latest Research Report on Montrose Environmental Group

Montrose Environmental Group Price Performance

The stock has a market capitalization of $1.69 billion, a PE ratio of -33.11 and a beta of 1.91. The company has a current ratio of 1.63, a quick ratio of 1.63 and a debt-to-equity ratio of 0.98. The company’s 50 day simple moving average is $42.30 and its 200 day simple moving average is $35.22.

Montrose Environmental Group (NYSE:MEGGet Free Report) last released its earnings results on Thursday, February 29th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.08. The firm had revenue of $165.74 million during the quarter, compared to analysts’ expectations of $157.31 million. Montrose Environmental Group had a negative net margin of 4.55% and a negative return on equity of 1.78%. On average, equities analysts anticipate that Montrose Environmental Group, Inc. will post 0.17 earnings per share for the current year.

Insider Buying and Selling at Montrose Environmental Group

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 12,500 shares of Montrose Environmental Group stock in a transaction on Monday, May 6th. The shares were sold at an average price of $46.51, for a total value of $581,375.00. Following the transaction, the chief executive officer now owns 316,637 shares in the company, valued at approximately $14,726,786.87. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 11.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently made changes to their positions in MEG. Conestoga Capital Advisors LLC lifted its holdings in Montrose Environmental Group by 1.0% in the 1st quarter. Conestoga Capital Advisors LLC now owns 41,700 shares of the company’s stock worth $1,633,000 after buying an additional 400 shares in the last quarter. Sei Investments Co. lifted its holdings in Montrose Environmental Group by 1.0% in the 1st quarter. Sei Investments Co. now owns 49,339 shares of the company’s stock worth $1,933,000 after buying an additional 485 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in shares of Montrose Environmental Group by 11.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after purchasing an additional 504 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Montrose Environmental Group by 8.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,805 shares of the company’s stock worth $411,000 after purchasing an additional 972 shares during the last quarter. Finally, Swiss National Bank increased its position in shares of Montrose Environmental Group by 1.8% in the 3rd quarter. Swiss National Bank now owns 62,900 shares of the company’s stock worth $1,840,000 after purchasing an additional 1,100 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

(Get Free Report)

Montrose Environmental Group, Inc operates as an environmental services company in the United States, Canada, and internationally. The company operates in three segments: Assessment, Permitting and Response; Measurement and Analysis; and Remediation and Reuse. The Assessment, Permitting and Response segment provides scientific advisory and consulting services to support environmental assessments; environmental emergency response and recovery; toxicology consulting and environmental audits and permits for current operations; facility upgrades; new projects; decommissioning projects; and development projects.

Further Reading

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