Montrose Environmental Group (NYSE:MEG) Trading Down 7.3% on Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price traded down 7.3% during trading on Tuesday after Evercore ISI lowered their price target on the stock from $40.00 to $33.00. Evercore ISI currently has an outperform rating on the stock. Montrose Environmental Group traded as low as $19.61 and last traded at $19.54. 72,522 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 490,172 shares. The stock had previously closed at $21.09.

MEG has been the topic of several other research reports. Stifel Nicolaus decreased their target price on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $39.00 target price on shares of Montrose Environmental Group in a research report on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Wrapmanager Inc. boosted its stake in Montrose Environmental Group by 12.8% during the 4th quarter. Wrapmanager Inc. now owns 10,105 shares of the company’s stock valued at $187,000 after purchasing an additional 1,150 shares during the last quarter. Natixis Advisors LLC lifted its position in shares of Montrose Environmental Group by 6.9% during the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock worth $549,000 after purchasing an additional 1,351 shares during the last quarter. KBC Group NV increased its stake in shares of Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after buying an additional 1,613 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Montrose Environmental Group by 16.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock worth $540,000 after acquiring an additional 1,695 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Montrose Environmental Group by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company’s stock valued at $4,926,000 after buying an additional 1,831 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Trading Down 9.1 %

The company has a 50-day simple moving average of $19.57 and a 200 day simple moving average of $24.17. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a market cap of $657.87 million, a PE ratio of -12.89 and a beta of 1.71.

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.