Montrose Environmental Group (NYSE:MEG) Stock Price Down 3.3%

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price fell 3.3% on Friday . The stock traded as low as $57.52 and last traded at $57.52. 17 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 219,438 shares. The stock had previously closed at $59.47.

Several equities research analysts have recently commented on MEG shares. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and set a $80.00 target price for the company. in a report on Wednesday, December 8th. Stifel Nicolaus upped their target price on Montrose Environmental Group from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 12th. Needham & Company LLC upped their target price on Montrose Environmental Group from $68.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, November 11th. Zacks Investment Research lowered Montrose Environmental Group from a “buy” rating to a “hold” rating in a report on Wednesday, January 5th. Finally, National Bank Financial increased their price objective on Montrose Environmental Group from C$15.00 to C$18.50 in a report on Thursday, January 6th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $56.06.

The stock has a fifty day moving average of $70.44 and a two-hundred day moving average of $60.23. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.44.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, November 9th. The company reported $0.04 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.07 by ($0.03). Montrose Environmental Group had a negative net margin of 4.51% and a positive return on equity of 7.31%. The business had revenue of $132.58 million for the quarter, compared to analyst estimates of $120.31 million. Equities analysts anticipate that Montrose Environmental Group, Inc. will post 0.37 earnings per share for the current fiscal year.

In other news, Director Richard E. Perlman sold 53,383 shares of Montrose Environmental Group stock in a transaction on Monday, October 18th. The stock was sold at an average price of $63.79, for a total value of $3,405,301.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet Risi Field bought 7,275 shares of the stock in a transaction dated Monday, December 13th. The stock was purchased at an average cost of $68.71 per share, with a total value of $499,865.25. The disclosure for this purchase can be found here. Insiders sold a total of 202,768 shares of company stock valued at $13,610,565 over the last three months. Insiders own 16.92% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. Segall Bryant & Hamill LLC grew its stake in shares of Montrose Environmental Group by 2.8% during the third quarter. Segall Bryant & Hamill LLC now owns 55,825 shares of the company’s stock worth $3,447,000 after purchasing an additional 1,499 shares during the period. Hudson Bay Capital Management LP acquired a new stake in shares of Montrose Environmental Group during the third quarter worth $926,000. UBS Asset Management Americas Inc. grew its stake in shares of Montrose Environmental Group by 111.0% during the third quarter. UBS Asset Management Americas Inc. now owns 1,398,475 shares of the company’s stock worth $86,342,000 after purchasing an additional 735,554 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Montrose Environmental Group by 73.6% during the third quarter. Bank of New York Mellon Corp now owns 105,850 shares of the company’s stock worth $6,535,000 after purchasing an additional 44,862 shares during the period. Finally, Kozak & Associates Inc. bought a new position in Montrose Environmental Group during the third quarter worth about $842,000. 92.59% of the stock is owned by institutional investors and hedge funds.

Montrose Environmental Group Company Profile (NYSE:MEG)

Montrose Environmental Group, Inc operates as an environmental services company in the United States. 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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