Montrose Environmental Group (NYSE:MEG) Receives Buy Rating from Needham & Company LLC

Montrose Environmental Group (NYSE:MEG)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $54.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 148.62% from the company’s previous close.

Separately, Evercore ISI started coverage on Montrose Environmental Group in a research report on Wednesday, August 14th. They set an “outperform” rating and a $43.00 price target on the stock. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Montrose Environmental Group currently has an average rating of “Buy” and an average price target of $45.60.

Montrose Environmental Group Stock Down 5.5 %

MEG opened at $21.72 on Thursday. Montrose Environmental Group has a 12 month low of $21.17 and a 12 month high of $49.97. The company has a market cap of $740.24 million, a PE ratio of -14.68 and a beta of 1.88. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average of $30.19 and a 200 day moving average of $38.47.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.15). Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. The company had revenue of $173.33 million during the quarter, compared to the consensus estimate of $174.59 million. On average, sell-side analysts expect that Montrose Environmental Group will post 0.19 EPS for the current year.

Institutional Trading of Montrose Environmental Group

Institutional investors and hedge funds have recently modified their holdings of the business. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Montrose Environmental Group by 453.5% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock worth $53,000 after acquiring an additional 1,111 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Montrose Environmental Group by 11.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after purchasing an additional 504 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Montrose Environmental Group during the second quarter valued at about $204,000. Cladis Investment Advisory LLC bought a new position in shares of Montrose Environmental Group during the fourth quarter valued at about $209,000. Finally, Mainsail Asset Management LLC purchased a new position in shares of Montrose Environmental Group in the first quarter worth about $217,000. Hedge funds and other institutional investors 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.