Montrose Environmental Group (NYSE:MEG) Earns Buy Rating from Needham & Company LLC

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $39.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 86.73% from the stock’s current price.

Several other analysts have also weighed in on MEG. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Stifel Nicolaus decreased their price target 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. 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Stock Performance

NYSE:MEG opened at $20.89 on Tuesday. The company has a fifty day moving average of $19.23 and a 200-day moving average of $25.05. The firm has a market capitalization of $716.41 million, a P/E ratio of -14.02 and a beta of 1.70. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group has a twelve month low of $15.21 and a twelve month high of $49.97.

Institutional Trading of Montrose Environmental Group

A number of hedge funds and other institutional investors have recently bought and sold shares of MEG. Fred Alger Management LLC boosted its holdings in Montrose Environmental Group by 33.7% during the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after acquiring an additional 470,706 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Montrose Environmental Group during the 3rd quarter worth $6,801,000. Royce & Associates LP boosted its holdings in Montrose Environmental Group by 43.3% during the 3rd 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 last quarter. Bamco Inc. NY boosted its holdings in Montrose Environmental Group by 7.4% during the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after acquiring an additional 86,000 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in Montrose Environmental Group by 969.4% during the 2nd quarter. Millennium Management LLC now owns 86,287 shares of the company’s stock worth $3,845,000 after acquiring an additional 78,218 shares during 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.