Evercore ISI Has Lowered Expectations for Montrose Environmental Group (NYSE:MEG) Stock Price

Montrose Environmental Group (NYSE:MEG - Free Report) had its price objective lowered by Evercore ISI from $40.00 to $33.00 in a research note released on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

MEG has been the topic of a number of other research reports. Bank of America lowered shares of Montrose Environmental Group from a "buy" rating to a "neutral" rating and decreased their price target for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC restated a "buy" rating and set a $39.00 price objective on shares of Montrose Environmental Group in a report on Tuesday, January 28th. Stifel Nicolaus lowered their target price on Montrose Environmental Group from $41.00 to $38.00 and set a "buy" rating on the stock in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Montrose Environmental Group has an average rating of "Moderate Buy" and an average target price of $33.60.

Montrose Environmental Group Stock Performance

MEG stock traded down $0.30 during midday trading on Monday, reaching $18.29. 142,328 shares of the company were exchanged, compared to its average volume of 480,221. Montrose Environmental Group has a one year low of $15.21 and a one year high of $49.97. The firm has a market capitalization of $627.21 million, a price-to-earnings ratio of -12.30 and a beta of 1.71. The business has a 50-day moving average price of $19.58 and a two-hundred day moving average price of $24.05. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Millennium Management LLC boosted its stake in shares of Montrose Environmental Group by 969.4% in the second quarter. Millennium Management LLC now owns 86,287 shares of the company's stock valued at $3,845,000 after buying an additional 78,218 shares during the period. The Manufacturers Life Insurance Company lifted its position in shares of Montrose Environmental Group by 16.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company's stock valued at $540,000 after acquiring an additional 1,695 shares during the period. SG Americas Securities LLC bought a new stake in shares of Montrose Environmental Group during the 3rd quarter valued at $470,000. Exchange Traded Concepts LLC grew its holdings in shares of Montrose Environmental Group by 345.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 36,117 shares of the company's stock worth $950,000 after purchasing an additional 28,008 shares in the last quarter. Finally, Procyon Advisors LLC increased its position in shares of Montrose Environmental Group by 96.5% in the third quarter. Procyon Advisors LLC now owns 12,440 shares of the company's stock worth $327,000 after purchasing an additional 6,109 shares during the period. Institutional investors and hedge funds 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.