Montrose Environmental Group (NYSE:MEG) Trading 3.5% Higher – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price was up 3.5% during mid-day trading on Tuesday . The stock traded as high as $22.65 and last traded at $22.53. Approximately 199,684 shares were traded during trading, a decline of 49% from the average daily volume of 388,600 shares. The stock had previously closed at $21.76.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MEG. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC dropped their price target on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a report on Friday. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a report on Friday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Montrose Environmental Group currently has an average rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Stock Up 0.9 %

The company’s fifty day simple moving average is $26.23 and its 200-day simple moving average is $35.23. 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 firm has a market capitalization of $751.69 million, a PE ratio of -14.61 and a beta of 1.86.

Institutional Trading of Montrose Environmental Group

Large investors have recently bought and sold shares of the business. Sei Investments Co. raised its holdings in shares of Montrose Environmental Group by 1.0% in the 1st quarter. Sei Investments Co. now owns 49,339 shares of the company’s stock valued at $1,933,000 after purchasing an additional 485 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Montrose Environmental Group by 11.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after buying an additional 504 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Montrose Environmental Group by 43.2% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after buying an additional 586 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Montrose Environmental Group by 10.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock valued at $514,000 after buying an additional 1,211 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its position in shares of Montrose Environmental Group by 16.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 9,285 shares of the company’s stock valued at $331,000 after acquiring an additional 1,320 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.