Needham & Company LLC Reiterates “Buy” Rating for Montrose Environmental Group (NYSE:MEG)

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research report issued on Tuesday,Benzinga reports. They presently have a $39.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 96.57% from the stock’s previous close.

A number of other analysts have also recently commented on the stock. Evercore ISI lowered their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, February 10th. Stifel Nicolaus lowered their price objective on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Bank of America lowered shares of 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 report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Montrose Environmental Group currently has an average rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Stock Performance

Shares of NYSE:MEG opened at $19.84 on Tuesday. The firm has a 50 day moving average of $20.10 and a 200 day moving average of $22.89. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $680.53 million, a price-to-earnings ratio of -13.32 and a beta of 1.71. Montrose Environmental Group has a 52 week low of $15.21 and a 52 week high of $49.97.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Royce & Associates LP grew its holdings in Montrose Environmental Group by 43.3% during the third quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after acquiring an additional 104,320 shares during the period. FMR LLC raised its position in shares of Montrose Environmental Group by 11.1% in the third quarter. FMR LLC now owns 352,264 shares of the company’s stock worth $9,265,000 after acquiring an additional 35,314 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Montrose Environmental Group during the 3rd quarter worth about $6,801,000. Rockefeller Capital Management L.P. grew its position in shares of Montrose Environmental Group by 189.3% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock valued at $1,223,000 after acquiring an additional 30,437 shares during the period. Finally, Barclays PLC increased its stake in shares of Montrose Environmental Group by 375.0% in the 3rd quarter. Barclays PLC now owns 53,575 shares of the company’s stock valued at $1,410,000 after purchasing an additional 42,297 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.