Montrose Environmental Group, Inc. (NYSE:MEG) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $39.20.

A number of brokerages recently weighed in on MEG. JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Needham & Company LLC cut their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a report on Friday, November 8th. Finally, Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a report on Thursday, October 17th.

Montrose Environmental Group Stock Performance

Shares of MEG stock opened at $21.96 on Wednesday. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The stock has a 50 day simple moving average of $26.23 and a 200-day simple moving average of $35.23. Montrose Environmental Group has a 12-month low of $19.59 and a 12-month high of $49.97. The company has a market cap of $751.69 million, a price-to-earnings ratio of -14.74 and a beta of 1.86.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Managed Asset Portfolios LLC acquired a new stake in shares of Montrose Environmental Group in the third quarter worth $375,000. Charles Schwab Investment Management Inc. boosted its position in Montrose Environmental Group by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 263,698 shares of the company’s stock worth $6,935,000 after acquiring an additional 6,143 shares during the period. Intech Investment Management LLC purchased a new position in Montrose Environmental Group during the 3rd quarter valued at about $295,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Montrose Environmental Group in the 3rd quarter valued at about $6,801,000. Finally, Global Alpha Capital Management Ltd. lifted its position in shares of Montrose Environmental Group by 26.3% in the third quarter. Global Alpha Capital Management Ltd. now owns 69,890 shares of the company’s stock worth $1,838,000 after purchasing an additional 14,559 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.