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

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $54.00 price objective on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 25.38% from the company’s current price.

Several other research analysts have also issued reports on the stock. JPMorgan Chase & Co. increased their price target on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Stifel Nicolaus reiterated a “buy” rating and set a $51.00 price target (up previously from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd.

Montrose Environmental Group Price Performance

NYSE:MEG traded down $0.20 during trading hours on Thursday, reaching $43.07. 405,274 shares of the company’s stock were exchanged, compared to its average volume of 258,618. The company has a market capitalization of $1.32 billion, a P/E ratio of -27.23 and a beta of 1.91. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.50. The business’s 50-day simple moving average is $41.01 and its two-hundred day simple moving average is $33.89. Montrose Environmental Group has a 12 month low of $21.96 and a 12 month high of $47.94.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.08. The company had revenue of $165.74 million during the quarter, compared to analysts’ expectations of $157.31 million. Montrose Environmental Group had a negative return on equity of 5.64% and a negative net margin of 4.94%. Sell-side analysts expect that Montrose Environmental Group will post -0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Montrose Environmental Group

A number of large investors have recently bought and sold shares of MEG. Vanguard Group Inc. grew its position in Montrose Environmental Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,500,617 shares of the company’s stock valued at $43,908,000 after purchasing an additional 13,721 shares during the period. Federated Hermes Inc. boosted its holdings in shares of Montrose Environmental Group by 1.6% in the third quarter. Federated Hermes Inc. now owns 1,260,500 shares of the company’s stock worth $36,882,000 after acquiring an additional 20,000 shares during the period. Blair William & Co. IL increased its position in shares of Montrose Environmental Group by 30.4% during the first quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock valued at $28,685,000 after buying an additional 170,924 shares during the period. Stephens Investment Management Group LLC boosted its stake in Montrose Environmental Group by 18.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 625,562 shares of the company’s stock valued at $20,099,000 after buying an additional 95,417 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in shares of Montrose Environmental Group by 0.7% during the first quarter. William Blair Investment Management LLC now owns 589,317 shares of the company’s stock worth $23,084,000 after purchasing an additional 3,824 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.