Montrose Environmental Group’s (MEG) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a research note published on Friday morning,Benzinga reports. The firm currently has a $39.00 target price on the stock.

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

Montrose Environmental Group Stock Up 1.5 %

Shares of MEG stock opened at $22.60 on Friday. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group has a 12 month low of $15.21 and a 12 month high of $49.97. The stock has a market cap of $775.21 million, a P/E ratio of -15.17 and a beta of 1.70. The company has a 50 day simple moving average of $18.77 and a two-hundred day simple moving average of $25.86.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its position in shares of Montrose Environmental Group by 10.8% during the second quarter. Rhumbline Advisers now owns 48,215 shares of the company’s stock valued at $2,148,000 after buying an additional 4,702 shares during the last quarter. Oppenheimer Asset Management Inc. increased its holdings in Montrose Environmental Group by 17.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,766 shares of the company’s stock valued at $970,000 after acquiring an additional 3,248 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Montrose Environmental Group by 8.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,414 shares of the company’s stock worth $22,657,000 after purchasing an additional 38,701 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Montrose Environmental Group during the 2nd quarter valued at about $386,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Montrose Environmental Group by 43.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after purchasing an additional 586 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

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.