Montrose Environmental Group (NYSE:MEG) Price Target Cut to $44.00 by Analysts at Needham & Company LLC

Montrose Environmental Group (NYSE:MEG) had its price target cut by stock analysts at Needham & Company LLC from $54.00 to $44.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 85.89% from the company’s previous close.

Several other equities research analysts have also commented on MEG. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 17th. Finally, Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $52.00 to $29.00 in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, Montrose Environmental Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

Montrose Environmental Group Price Performance

MEG stock opened at $23.67 on Friday. The firm has a 50 day moving average of $26.70 and a 200-day moving average of $35.58. The company has a market cap of $810.22 million, a price-to-earnings ratio of -15.89 and a beta of 1.86. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. Montrose Environmental Group has a 12-month low of $19.59 and a 12-month high of $49.97.

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

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Driehaus Capital Management LLC raised its holdings in 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 acquiring an additional 823,636 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Montrose Environmental Group by 271.2% in the second quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after purchasing an additional 276,166 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Montrose Environmental Group during the second quarter worth about $10,666,000. Fred Alger Management LLC boosted its stake in Montrose Environmental Group by 17.6% in the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after buying an additional 208,785 shares during the last quarter. Finally, Blair William & Co. IL grew its holdings in Montrose Environmental Group by 30.4% in the 1st quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock valued at $28,685,000 after buying an additional 170,924 shares during the period. 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.