Montrose Environmental Group (NYSE:MEG) Upgraded to “Buy” at Wall Street Zen

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

Other equities analysts also recently issued reports about the stock. JPMorgan Chase & Co. upped 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. Needham & Company LLC boosted their price objective on shares of Montrose Environmental Group from $31.00 to $32.00 and gave the company 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. Barclays lifted 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. Finally, Zacks Research downgraded Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $33.50.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock opened at $24.95 on Friday. The company has a market capitalization of $881.80 million, a price-to-earnings ratio of -27.42, a PEG ratio of 1.48 and a beta of 1.97. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.70. Montrose Environmental Group has a 12 month low of $10.51 and a 12 month high of $32.00. The stock’s 50 day moving average is $25.66 and its 200-day moving average is $25.98.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.01. Montrose Environmental Group had a positive return on equity of 0.17% and a negative net margin of 2.52%.The business had revenue of $224.89 million during the quarter, compared to the consensus estimate of $201.46 million. Equities research analysts expect that Montrose Environmental Group will post 0.13 EPS for the current year.

Insider Buying and Selling

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 44,984 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $24.07, for a total transaction of $1,082,764.88. Following the completion of the sale, the chief executive officer directly owned 316,637 shares in the company, 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 is available at the SEC website. 11.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors have recently modified their holdings of the business. Alliancebernstein L.P. boosted its stake in Montrose Environmental Group by 3,407.7% in the second quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock valued at $28,080,000 after buying an additional 1,246,199 shares in the last quarter. William Blair Investment Management LLC lifted its holdings in shares of Montrose Environmental Group by 21.8% in the second quarter. William Blair Investment Management LLC now owns 2,317,660 shares of the company’s stock worth $50,734,000 after acquiring an additional 414,272 shares during the last quarter. Marshall Wace LLP boosted its stake in shares of Montrose Environmental Group by 245.0% in the 2nd quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock valued at $8,398,000 after purchasing an additional 272,444 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of Montrose Environmental Group by 44.6% in the 2nd quarter. Stephens Investment Management Group LLC now owns 656,814 shares of the company’s stock valued at $14,378,000 after purchasing an additional 202,541 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Montrose Environmental Group during the 3rd quarter valued at approximately $3,979,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.