Montrose Environmental Group (NYSE:MEG) Shares Down 2.7%

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price dropped 2.7% during mid-day trading on Friday . The company traded as low as $40.67 and last traded at $40.80. Approximately 21,556 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 233,831 shares. The stock had previously closed at $41.92.

Wall Street Analysts Forecast Growth

MEG has been the subject of a number of recent research reports. Stifel Nicolaus reiterated a “buy” rating and issued a $51.00 target price (up from $48.00) on shares of Montrose Environmental Group in a report on Wednesday, April 3rd. JPMorgan Chase & Co. lifted their price target on Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 price target on shares of Montrose Environmental Group in a report on Thursday, April 4th.

Montrose Environmental Group Price Performance

The company has a market capitalization of $1.23 billion, a PE ratio of -25.44 and a beta of 2.00. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50. The stock has a fifty day simple moving average of $38.38 and a 200-day simple moving average of $32.43.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.08. Montrose Environmental Group had a negative return on equity of 5.64% and a negative net margin of 4.94%. The company had revenue of $165.74 million during the quarter, compared to the consensus estimate of $157.31 million. Equities analysts anticipate that Montrose Environmental Group, Inc. will post -0.16 earnings per share for the current year.

Institutional Trading of Montrose Environmental Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. increased its position in shares of Montrose Environmental Group by 13.9% during the second quarter. Ameritas Investment Partners Inc. now owns 2,305 shares of the company’s stock worth $97,000 after purchasing an additional 281 shares in the last quarter. Citigroup Inc. increased its position in Montrose Environmental Group by 22.1% in the 4th quarter. Citigroup Inc. now owns 1,633 shares of the company’s stock valued at $72,000 after acquiring an additional 296 shares during the period. MetLife Investment Management LLC increased its position in Montrose Environmental Group by 2.5% in the 4th quarter. MetLife Investment Management LLC now owns 14,169 shares of the company’s stock valued at $629,000 after acquiring an additional 340 shares during the period. Sei Investments Co. increased its position in Montrose Environmental Group by 4.1% in the 2nd quarter. Sei Investments Co. now owns 11,393 shares of the company’s stock valued at $385,000 after acquiring an additional 452 shares during the period. Finally, Stephens Inc. AR increased its position in Montrose Environmental Group by 33.6% in the 2nd quarter. Stephens Inc. AR now owns 1,913 shares of the company’s stock valued at $81,000 after acquiring an additional 481 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.