Needham & Company LLC Reaffirms Buy Rating for Montrose Environmental Group (NYSE:MEG)

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating restated by Needham & Company LLC in a note issued to investors on Monday, Benzinga reports. They presently have a $54.00 target price on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 44.15% from the stock’s previous close.

Separately, Stifel Nicolaus reaffirmed a “buy” rating and issued a $51.00 price objective (up from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd.

Montrose Environmental Group Stock Down 3.4 %

Shares of NYSE:MEG opened at $37.46 on Monday. The business has a 50-day moving average price of $45.14 and a 200 day moving average price of $39.20. Montrose Environmental Group has a 12-month low of $21.96 and a 12-month high of $49.97. 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 has a market capitalization of $1.28 billion, a price-to-earnings ratio of -25.31 and a beta of 1.88.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Montrose Environmental Group had a negative return on equity of 1.78% and a negative net margin of 4.55%. The company had revenue of $155.33 million during the quarter, compared to analyst estimates of $152.61 million. Sell-side analysts expect that Montrose Environmental Group will post 0.17 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Vijay Manthripragada sold 12,500 shares of the business’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $46.51, for a total transaction of $581,375.00. Following the completion of the transaction, the chief executive officer now directly owns 316,637 shares of the company’s stock, valued at approximately $14,726,786.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 11.90% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blair William & Co. IL boosted its holdings in Montrose Environmental Group by 30.4% in the first quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock valued at $28,685,000 after purchasing an additional 170,924 shares in the last quarter. Bamco Inc. NY raised its stake in Montrose Environmental Group by 9.8% during the 1st quarter. Bamco Inc. NY now owns 1,154,030 shares of the company’s stock worth $45,203,000 after acquiring an additional 102,536 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in Montrose Environmental Group by 18.0% in the fourth quarter. Stephens Investment Management Group LLC now owns 625,562 shares of the company’s stock valued at $20,099,000 after acquiring an additional 95,417 shares during the last quarter. Essex Investment Management Co. LLC acquired a new position in Montrose Environmental Group in the fourth quarter valued at $2,121,000. Finally, Lisanti Capital Growth LLC purchased a new position in shares of Montrose Environmental Group during the first quarter worth about $2,174,000. 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.