Montrose Environmental Group (NYSE:MEG) Hits New 1-Year Low After Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG) reached a new 52-week low during mid-day trading on Wednesday after Stifel Nicolaus lowered their price target on the stock from $41.00 to $38.00. Stifel Nicolaus currently has a buy rating on the stock. Montrose Environmental Group traded as low as $16.04 and last traded at $16.43, with a volume of 57412 shares traded. The stock had previously closed at $16.47.

Several other equities research analysts have also issued reports on the stock. Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, November 8th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a report on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $36.60.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Royce & Associates LP lifted its holdings in shares of Montrose Environmental Group by 43.3% in the third quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after buying an additional 104,320 shares in the last quarter. Ghisallo Capital Management LLC bought a new stake in Montrose Environmental Group during the 2nd quarter worth approximately $3,119,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Montrose Environmental Group in the 3rd quarter worth approximately $6,801,000. Driehaus Capital Management LLC boosted its holdings in Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after purchasing an additional 823,636 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Montrose Environmental Group by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 508,414 shares of the company’s stock valued at $22,657,000 after purchasing an additional 38,701 shares in the last quarter. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Trading Down 5.3 %

The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market cap of $534.74 million, a P/E ratio of -10.60 and a beta of 1.72. The firm’s fifty day moving average price is $22.03 and its two-hundred day moving average price is $31.19.

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.