Montrose Environmental Group (NYSE:MEG) Trading Down 4.9% – What’s Next?

Montrose Environmental Group, Inc. (NYSE:MEG) shares were down 4.9% during mid-day trading on Monday . The company traded as low as $16.19 and last traded at $16.19. Approximately 226,090 shares changed hands during trading, a decline of 47% from the average daily volume of 430,359 shares. The stock had previously closed at $17.03.

Wall Street Analyst Weigh In

A number of research firms recently commented on MEG. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Needham & Company LLC decreased their price objective on shares of Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Stifel Nicolaus decreased their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Finally, Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Trading Down 3.5 %

The firm’s 50 day simple moving average is $21.29 and its two-hundred day simple moving average is $29.50. The stock has a market capitalization of $563.91 million, a P/E ratio of -11.03 and a beta of 1.72. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently modified their holdings of MEG. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after purchasing an additional 586 shares in the last quarter. Natixis Advisors LLC lifted its stake in shares of Montrose Environmental Group by 6.9% in the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock valued at $549,000 after buying an additional 1,351 shares in the last quarter. Wrapmanager Inc. grew its holdings in shares of Montrose Environmental Group by 18.8% during the third quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock valued at $236,000 after buying an additional 1,420 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Montrose Environmental Group by 16.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock valued at $540,000 after buying an additional 1,695 shares during the last quarter. Finally, Peregrine Capital Management LLC increased its position in shares of Montrose Environmental Group by 1.3% during the second quarter. Peregrine Capital Management LLC now owns 226,799 shares of the company’s stock worth $10,106,000 after acquiring an additional 2,951 shares in the last quarter. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

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.