Montrose Environmental Group (NYSE:MEG) Price Target Raised to $35.00

Montrose Environmental Group (NYSE:MEG) had its target price hoisted by Needham & Company LLC from $32.00 to $35.00 in a research note issued to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other equities analysts also recently weighed in on the stock. Wall Street Zen lowered shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Barclays boosted their target price on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $34.67.

Montrose Environmental Group Trading Up 2.1%

Shares of MEG stock opened at $29.22 on Thursday. Montrose Environmental Group has a twelve month low of $10.51 and a twelve month high of $32.00. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $1.03 billion, a P/E ratio of -121.73, a P/E/G ratio of 2.06 and a beta of 2.02. The stock’s fifty day simple moving average is $24.03 and its 200 day simple moving average is $26.24.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. Montrose Environmental Group had a negative net margin of 0.10% and a positive return on equity of 4.45%. The firm had revenue of $193.27 million for the quarter, compared to the consensus estimate of $186.24 million. During the same quarter in the previous year, the company earned ($0.90) EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, sell-side analysts predict that Montrose Environmental Group will post 0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On Montrose Environmental Group

Several large investors have recently modified their holdings of MEG. The Manufacturers Life Insurance Company boosted its holdings in Montrose Environmental Group by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company’s stock worth $261,000 after buying an additional 488 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in Montrose Environmental Group by 2.3% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after acquiring an additional 515 shares during the period. Horrell Capital Management Inc. lifted its position in shares of Montrose Environmental Group by 2.2% during the second quarter. Horrell Capital Management Inc. now owns 27,427 shares of the company’s stock worth $600,000 after acquiring an additional 597 shares in the last quarter. CWM LLC boosted its holdings in shares of Montrose Environmental Group by 8.6% in the fourth quarter. CWM LLC now owns 8,324 shares of the company’s stock worth $207,000 after acquiring an additional 659 shares during the period. Finally, AlphaQuest LLC boosted its holdings in shares of Montrose Environmental Group by 17.4% in the second quarter. AlphaQuest LLC now owns 4,809 shares of the company’s stock worth $105,000 after acquiring an additional 713 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.