Montrose Environmental Group (NYSE:MEG) Reaches New 12-Month High at $59.97

Montrose Environmental Group, Inc. (NYSE:MEG) shares hit a new 52-week high on Wednesday . The company traded as high as $59.97 and last traded at $59.40, with a volume of 4345 shares trading hands. The stock had previously closed at $57.89.

MEG has been the subject of a number of recent analyst reports. Zacks Investment Research cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 12th. Morgan Stanley lifted their price objective on shares of Montrose Environmental Group from $46.00 to $49.00 and gave the company an “equal weight” rating in a report on Wednesday, June 16th. Finally, Needham & Company LLC restated a “buy” rating and issued a $62.00 price objective on shares of Montrose Environmental Group in a report on Wednesday, July 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Montrose Environmental Group currently has an average rating of “Hold” and a consensus target price of $39.61.

The business’s fifty day moving average is $50.12 and its two-hundred day moving average is $50.44. The company has a quick ratio of 1.63, a current ratio of 1.63 and a debt-to-equity ratio of 1.70. The stock has a market cap of $1.56 billion, a price-to-earnings ratio of -13.01 and a beta of 0.80.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings results on Monday, August 9th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.63). Montrose Environmental Group had a positive return on equity of 2.78% and a negative net margin of 12.08%. The firm had revenue of $136.22 million during the quarter, compared to analysts’ expectations of $118.95 million. As a group, sell-side analysts expect that Montrose Environmental Group, Inc. will post 0.09 earnings per share for the current year.

In other news, Director Richard E. Perlman sold 35,325 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The shares were sold at an average price of $57.33, for a total transaction of $2,025,182.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Nasym Afsari sold 517 shares of the business’s stock in a transaction that occurred on Thursday, June 24th. The stock was sold at an average price of $55.00, for a total transaction of $28,435.00. Following the sale, the general counsel now owns 20,187 shares of the company’s stock, valued at approximately $1,110,285. The disclosure for this sale can be found here. Insiders sold 153,895 shares of company stock valued at $8,746,691 in the last quarter. 16.92% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. Arizona State Retirement System lifted its position in shares of Montrose Environmental Group by 6.8% during the 2nd quarter. Arizona State Retirement System now owns 5,823 shares of the company’s stock worth $312,000 after buying an additional 373 shares during the last quarter. Legal & General Group Plc raised its position in Montrose Environmental Group by 13.0% in the 2nd quarter. Legal & General Group Plc now owns 3,244 shares of the company’s stock valued at $174,000 after purchasing an additional 373 shares during the last quarter. Wrapmanager Inc. raised its position in Montrose Environmental Group by 6.3% in the 1st quarter. Wrapmanager Inc. now owns 7,521 shares of the company’s stock valued at $377,000 after purchasing an additional 447 shares during the last quarter. Swiss National Bank raised its position in Montrose Environmental Group by 1.2% in the 1st quarter. Swiss National Bank now owns 42,800 shares of the company’s stock valued at $2,148,000 after purchasing an additional 500 shares during the last quarter. Finally, Lisanti Capital Growth LLC raised its position in Montrose Environmental Group by 0.4% in the 1st quarter. Lisanti Capital Growth LLC now owns 146,869 shares of the company’s stock valued at $7,371,000 after purchasing an additional 620 shares during the last quarter. Institutional investors and hedge funds own 71.32% of the company’s stock.

About Montrose Environmental Group (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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