Stifel Nicolaus Cuts Montrose Environmental Group (NYSE:MEG) Price Target to $38.00

Montrose Environmental Group (NYSE:MEG) had its price target reduced by Stifel Nicolaus from $41.00 to $38.00 in a report issued on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

MEG has been the topic of a number of other research reports. Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a report on Friday, November 8th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Finally, Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.60.

Montrose Environmental Group Price Performance

MEG opened at $16.53 on Wednesday. Montrose Environmental Group has a 1 year low of $15.21 and a 1 year high of $49.97. The company’s 50 day simple moving average is $21.68 and its 200 day simple moving average is $30.75. The stock has a market capitalization of $566.98 million, a PE ratio of -11.09 and a beta of 1.71. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Institutional Investors Weigh In On Montrose Environmental Group

A number of large investors have recently modified their holdings of the stock. Synovus Financial Corp boosted its holdings in Montrose Environmental Group by 327.3% in the 3rd quarter. Synovus Financial Corp now owns 24,388 shares of the company’s stock worth $641,000 after acquiring an additional 18,681 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Montrose Environmental Group during the third quarter worth $295,000. Barclays PLC boosted its stake in shares of Montrose Environmental Group by 375.0% in the third quarter. Barclays PLC now owns 53,575 shares of the company’s stock valued at $1,410,000 after purchasing an additional 42,297 shares during the period. Geode Capital Management LLC grew its holdings in Montrose Environmental Group by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock valued at $18,850,000 after purchasing an additional 23,356 shares in the last quarter. Finally, ABS Direct Equity Fund LLC purchased a new stake in Montrose Environmental Group during the 3rd quarter worth $451,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.