Montrose Environmental Group (NYSE:MEG) Hits New 12-Month Low at $21.72

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $21.72 and last traded at $21.72, with a volume of 515297 shares changing hands. The stock had previously closed at $22.99.

Analyst Ratings Changes

MEG has been the topic of several recent analyst reports. Evercore ISI began coverage on shares of Montrose Environmental Group in a research note on Wednesday, August 14th. They set an “outperform” rating and a $43.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price on shares of Montrose Environmental Group in a research report on Thursday, August 8th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $45.60.

Montrose Environmental Group Stock Performance

The stock has a market cap of $734.10 million, a PE ratio of -14.52 and a beta of 1.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. The stock has a 50-day simple moving average of $30.37 and a 200-day simple moving average of $38.59.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate 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 business had revenue of $173.33 million during the quarter, compared to analysts’ expectations of $174.59 million. Equities analysts predict that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Driehaus Capital Management LLC increased its stake in Montrose Environmental Group by 253.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after buying an additional 823,636 shares during the period. Bank of New York Mellon Corp raised its position in shares of Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after purchasing an additional 276,166 shares in the last quarter. Victory Capital Management Inc. purchased a new position in shares of Montrose Environmental Group during the 2nd quarter valued at approximately $10,666,000. Fred Alger Management LLC raised its holdings in Montrose Environmental Group by 17.6% in the second quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock valued at $62,192,000 after acquiring an additional 208,785 shares in the last quarter. Finally, Blair William & Co. IL grew its holdings in Montrose Environmental Group by 30.4% during the 1st quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock worth $28,685,000 after acquiring an additional 170,924 shares in the last quarter. 87.87% of the stock is 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.