Montrose Environmental Group (NYSE:MEG) Shares Down 2.3% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price dropped 2.3% on Tuesday . The company traded as low as $18.21 and last traded at $18.56. Approximately 71,020 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 430,763 shares. The stock had previously closed at $19.00.

Analyst Ratings Changes

Several research firms recently commented on MEG. Needham & Company LLC dropped their target price on Montrose Environmental Group from $44.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, December 19th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a report on Thursday, October 17th. Stifel Nicolaus cut their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Montrose Environmental Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.60.

Montrose Environmental Group Stock Performance

The stock has a market cap of $636.28 million, a price-to-earnings ratio of -12.45 and a beta of 1.72. The stock’s 50-day simple moving average is $19.88 and its two-hundred day simple moving average is $28.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in Montrose Environmental Group by 159.2% in the third quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company’s stock valued at $1,873,000 after purchasing an additional 43,739 shares in the last quarter. Synovus Financial Corp grew its stake in Montrose Environmental Group by 327.3% in the third quarter. Synovus Financial Corp now owns 24,388 shares of the company’s stock valued at $641,000 after purchasing an additional 18,681 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Montrose Environmental Group during the third quarter worth about $295,000. Barclays PLC raised its stake in Montrose Environmental Group by 375.0% in the third quarter. Barclays PLC now owns 53,575 shares of the company’s stock valued at $1,410,000 after buying an additional 42,297 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Montrose Environmental Group by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock worth $18,850,000 after acquiring an additional 23,356 shares during the period. 87.87% of the stock is owned by institutional investors.

About Montrose Environmental Group

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.