Needham & Company LLC Cuts Montrose Environmental Group (NYSE:MEG) Price Target to $39.00

Montrose Environmental Group (NYSE:MEG) had its price objective reduced by Needham & Company LLC from $44.00 to $39.00 in a report issued on Thursday morning, MarketBeat reports. They currently have a buy rating on the stock.

Other equities analysts also recently issued reports about the stock. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 17th. Stifel Nicolaus reduced their price objective on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $35.60.

Montrose Environmental Group Stock Up 4.1 %

MEG stock opened at $17.03 on Thursday. The firm has a market capitalization of $584.15 million, a PE ratio of -11.43 and a beta of 1.71. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group has a twelve month low of $15.21 and a twelve month high of $49.97. The stock’s 50 day moving average is $21.29 and its 200-day moving average is $29.73.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEG. Fred Alger Management LLC raised its holdings in shares of Montrose Environmental Group by 33.7% in the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after purchasing an additional 470,706 shares during the period. Federated Hermes Inc. increased its position in Montrose Environmental Group by 11.4% in the second quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock worth $56,613,000 after buying an additional 130,000 shares during the last quarter. Bamco Inc. NY raised its stake in shares of Montrose Environmental Group by 7.4% in the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock valued at $32,681,000 after buying an additional 86,000 shares during the period. Driehaus Capital Management LLC lifted its position in shares of 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 valued at $51,210,000 after buying an additional 823,636 shares during the last quarter. Finally, Blair William & Co. IL grew its stake in shares of Montrose Environmental Group by 5.1% during the 2nd quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock worth $34,296,000 after acquiring an additional 37,335 shares during the period. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

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.