Needham & Company LLC Issues Positive Forecast for Montrose Environmental Group (NYSE:MEG) Stock Price

Montrose Environmental Group (NYSE:MEG) had its price objective increased by investment analysts at Needham & Company LLC from $28.00 to $30.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 72.12% from the stock’s previous close.

Separately, Evercore ISI decreased their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $31.80.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock opened at $17.43 on Friday. Montrose Environmental Group has a 52-week low of $10.51 and a 52-week high of $49.97. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm’s fifty day moving average is $14.87 and its 200 day moving average is $18.30. The company has a market cap of $604.19 million, a price-to-earnings ratio of -11.70 and a beta of 1.80.

Montrose Environmental Group announced that its board has initiated a stock buyback program on Wednesday, May 7th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Montrose Environmental Group

Large investors have recently made changes to their positions in the company. Quarry LP purchased a new position in shares of Montrose Environmental Group during the fourth quarter valued at approximately $36,000. KBC Group NV lifted its stake in shares of Montrose Environmental Group by 126.5% during the 4th quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after acquiring an additional 1,613 shares during the last quarter. Avanza Fonder AB purchased a new position in Montrose Environmental Group during the 4th quarter valued at $105,000. PNC Financial Services Group Inc. grew its position in Montrose Environmental Group by 42.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock valued at $118,000 after acquiring an additional 1,898 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in Montrose Environmental Group in the fourth quarter worth $130,000. 87.87% of the stock is owned by hedge funds and other institutional investors.

About Montrose Environmental Group

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.