Montrose Environmental Group (NYSE:MEG) Cut to Neutral at Bank of America

Montrose Environmental Group (NYSE:MEG) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Wednesday, MarketBeat Ratings reports. They presently have a $29.00 price objective on the stock, down from their prior price objective of $52.00. Bank of America‘s price objective would suggest a potential upside of 32.30% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of Montrose Environmental Group in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.17.

Montrose Environmental Group Stock Down 7.4 %

Shares of MEG traded down $1.75 during midday trading on Wednesday, hitting $21.92. The company had a trading volume of 162,487 shares, compared to its average volume of 384,031. The stock has a market cap of $750.32 million, a price-to-earnings ratio of -15.89 and a beta of 1.86. The company’s 50 day moving average price is $26.70 and its 200 day moving average price is $35.58. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.46. Montrose Environmental Group has a 52 week low of $19.59 and a 52 week high of $49.97.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.15). The firm had revenue of $173.33 million during the quarter, compared to the consensus estimate of $174.59 million. Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. On average, equities research analysts predict that Montrose Environmental Group will post 0.19 EPS for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Montrose Environmental Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock valued at $60,502,000 after acquiring an additional 9,913 shares during the period. Fred Alger Management LLC grew its stake in shares of Montrose Environmental Group by 17.6% in the second quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after purchasing an additional 208,785 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Montrose Environmental Group by 11.4% during the second quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after purchasing an additional 130,000 shares during the period. Bamco Inc. NY raised its stake in shares of Montrose Environmental Group by 9.8% during the first quarter. Bamco Inc. NY now owns 1,154,030 shares of the company’s stock valued at $45,203,000 after purchasing an additional 102,536 shares in the last quarter. Finally, Driehaus Capital Management LLC raised its stake in shares of Montrose Environmental Group by 253.0% during the second 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 in the last quarter. 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.