Montrose Environmental Group (NYSE:MEG – Get Free Report)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They currently have a $54.00 price objective on the stock. Needham & Company LLC’s price objective indicates a potential upside of 68.28% from the company’s previous close.
Separately, JPMorgan Chase & Co. lifted their target price on Montrose Environmental Group from $40.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, August 10th.
Montrose Environmental Group Stock Down 2.3 %
Montrose Environmental Group (NYSE:MEG – Get Free Report) last released its earnings results on Tuesday, August 8th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.09). The firm had revenue of $159.10 million during the quarter, compared to analyst estimates of $144.13 million. Montrose Environmental Group had a negative return on equity of 12.27% and a negative net margin of 6.86%. On average, analysts expect that Montrose Environmental Group will post -1.54 EPS for the current fiscal year.
In other Montrose Environmental Group news, Director De Castro Jose Migue Fernandez acquired 10,000 shares of Montrose Environmental Group stock in a transaction that occurred on Tuesday, September 12th. The stock was purchased at an average cost of $32.94 per share, with a total value of $329,400.00. Following the purchase, the director now owns 139,110 shares in the company, valued at $4,582,283.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 11.90% of the company’s stock.
Hedge Funds Weigh In On Montrose Environmental Group
A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in shares of Montrose Environmental Group by 141.2% during the 1st quarter. JPMorgan Chase & Co. now owns 47,483 shares of the company’s stock worth $2,513,000 after purchasing an additional 27,800 shares in the last quarter. HighTower Advisors LLC acquired a new stake in shares of Montrose Environmental Group in the first quarter worth $311,000. Natixis Advisors L.P. bought a new stake in shares of Montrose Environmental Group during the 1st quarter worth $793,000. MetLife Investment Management LLC grew its stake in Montrose Environmental Group by 53.1% in the 1st quarter. MetLife Investment Management LLC now owns 13,829 shares of the company’s stock valued at $732,000 after buying an additional 4,796 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Montrose Environmental Group by 9.9% in the 1st quarter. Rhumbline Advisers now owns 27,040 shares of the company’s stock worth $1,431,000 after acquiring an additional 2,447 shares during the period. 89.88% of the stock is owned by institutional investors and hedge funds.
About Montrose Environmental Group
Montrose Environmental Group, Inc operates as an environmental services company in the United States 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.
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