Montrose Environmental Group (NYSE:MEG) Stock Price Down 2.7%

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) traded down 2.7% during trading on Friday . The company traded as low as $40.67 and last traded at $40.80. 21,556 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 233,831 shares. The stock had previously closed at $41.92.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, April 4th. JPMorgan Chase & Co. boosted their price objective 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. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $51.00 price target (up from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd.

Montrose Environmental Group Stock Performance

The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50. The company’s 50-day simple moving average is $38.25 and its 200-day simple moving average is $32.31.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.08. The company had revenue of $165.74 million for the quarter, compared to analyst estimates of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. Equities research analysts anticipate that Montrose Environmental Group, Inc. will post -0.16 EPS for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently modified their holdings of the business. Captrust Financial Advisors bought a new position in Montrose Environmental Group during the first quarter worth about $29,000. Stephens Inc. AR increased its holdings in Montrose Environmental Group by 494.2% in the 1st quarter. Stephens Inc. AR now owns 1,432 shares of the company’s stock valued at $51,000 after buying an additional 1,191 shares during the period. Citigroup Inc. increased its holdings in Montrose Environmental Group by 22.1% in the 4th quarter. Citigroup Inc. now owns 1,633 shares of the company’s stock valued at $72,000 after buying an additional 296 shares during the period. Point72 Hong Kong Ltd bought a new position in Montrose Environmental Group in the 2nd quarter valued at about $57,000. Finally, Counterpoint Mutual Funds LLC bought a new position in Montrose Environmental Group in the 3rd quarter valued at about $67,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.