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

Montrose Environmental Group (NYSE:MEG) had its price objective reduced by equities researchers at Stifel Nicolaus from $41.00 to $38.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective would indicate a potential upside of 141.73% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target 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. JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Finally, Needham & Company LLC cut their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $36.60.

Montrose Environmental Group Stock Performance

NYSE MEG traded down $0.75 during trading hours on Wednesday, hitting $15.72. The company had a trading volume of 145,813 shares, compared to its average volume of 417,057. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. Montrose Environmental Group has a 1-year low of $15.64 and a 1-year high of $49.97. The company has a market cap of $539.20 million, a PE ratio of -10.60 and a beta of 1.72. The business has a 50 day moving average of $22.03 and a 200-day moving average of $31.19.

Hedge Funds Weigh In On Montrose Environmental Group

A number of hedge funds have recently made changes to their positions in MEG. Driehaus Capital Management LLC boosted its holdings in shares of Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after purchasing an additional 823,636 shares during the last quarter. Fred Alger Management LLC increased its stake in Montrose Environmental Group by 33.7% during the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after buying an additional 470,706 shares during the period. Bank of New York Mellon Corp increased its stake in Montrose Environmental Group by 271.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock worth $16,844,000 after buying an additional 276,166 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in Montrose Environmental Group during the 3rd quarter worth $6,801,000. Finally, Victory Capital Management Inc. purchased a new stake in Montrose Environmental Group during the 2nd quarter worth $10,666,000. 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.