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

Montrose Environmental Group (NYSE:MEG - Free Report) had its price objective decreased by Needham & Company LLC from $54.00 to $44.00 in a research note published on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

MEG has been the topic of a number of other research reports. Bank of America downgraded Montrose Environmental Group from a "buy" rating to a "neutral" rating and lowered their target price for the company from $52.00 to $29.00 in a research report on Wednesday. JPMorgan Chase & Co. restated a "neutral" rating and set a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a report on Friday. Finally, Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.17.

Montrose Environmental Group Trading Down 13.4 %

NYSE:MEG traded down $3.16 on Friday, reaching $20.51. The company's stock had a trading volume of 1,125,145 shares, compared to its average volume of 388,467. The firm has a market cap of $702.06 million, a PE ratio of -14.19 and a beta of 1.86. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82. The business's 50-day moving average price is $26.70 and its two-hundred day moving average price is $35.58. Montrose Environmental Group has a 1-year low of $19.59 and a 1-year high of $49.97.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share 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 firm had revenue of $173.33 million for the quarter, compared to analyst estimates of $174.59 million. Equities research analysts anticipate that Montrose Environmental Group will post 0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Driehaus Capital Management LLC increased its position in 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 worth $51,210,000 after acquiring an additional 823,636 shares during the period. Bank of New York Mellon Corp raised its holdings in Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company's stock valued at $16,844,000 after acquiring an additional 276,166 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of Montrose Environmental Group during the 2nd quarter valued at $10,666,000. Fred Alger Management LLC grew its holdings in shares of Montrose Environmental Group by 17.6% during the 2nd 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. Finally, Blair William & Co. IL increased its position in shares of Montrose Environmental Group by 30.4% in the first quarter. Blair William & Co. IL now owns 732,318 shares of the company's stock worth $28,685,000 after purchasing an additional 170,924 shares during the period. Institutional investors 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.