Montrose Environmental Group (NYSE:MEG) Earns Buy Rating from Needham & Company LLC

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They presently have a $54.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 100.82% from the stock’s previous close.

Separately, Evercore ISI assumed coverage on shares of Montrose Environmental Group in a research report on Wednesday, August 14th. They set an “outperform” rating and a $43.00 target price on the stock. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $45.60.

Montrose Environmental Group Stock Up 14.5 %

Shares of MEG opened at $26.89 on Wednesday. Montrose Environmental Group has a 52 week low of $19.59 and a 52 week high of $49.97. The firm has a market cap of $916.44 million, a P/E ratio of -18.17 and a beta of 1.87. The firm’s 50-day simple moving average is $28.75 and its 200 day simple moving average is $37.45. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.15). Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. The company had revenue of $173.33 million during the quarter, compared to analyst estimates of $174.59 million. On average, analysts forecast that Montrose Environmental Group will post 0.19 earnings per share for the current year.

Institutional Trading of Montrose Environmental Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Sei Investments Co. lifted its holdings in shares of Montrose Environmental Group by 1.0% during the 1st quarter. Sei Investments Co. now owns 49,339 shares of the company’s stock worth $1,933,000 after acquiring an additional 485 shares during the period. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Montrose Environmental Group by 11.8% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after acquiring an additional 504 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Montrose Environmental Group by 43.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after acquiring an additional 586 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Montrose Environmental Group by 10.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock worth $514,000 after acquiring an additional 1,211 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its holdings in shares of Montrose Environmental Group by 16.6% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 9,285 shares of the company’s stock worth $331,000 after acquiring an additional 1,320 shares during the period. Institutional investors own 87.87% of the company’s stock.

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.