Wall Street Zen Downgrades Montrose Environmental Group (NYSE:MEG) to Hold

Montrose Environmental Group (NYSE:MEG) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Other research analysts have also recently issued research reports about the company. Zacks Research cut Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. JPMorgan Chase & Co. upped their price objective on Montrose Environmental Group from $26.00 to $33.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Needham & Company LLC increased their price objective on Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, November 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Montrose Environmental Group in a report on Wednesday, October 8th. Finally, Barclays boosted their target price on Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $33.50.

Montrose Environmental Group Stock Down 7.4%

MEG stock opened at $21.86 on Friday. The company’s 50 day moving average is $25.45 and its 200 day moving average is $26.22. The stock has a market cap of $772.36 million, a price-to-earnings ratio of -24.02, a price-to-earnings-growth ratio of 1.54 and a beta of 1.97. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.70. Montrose Environmental Group has a 1-year low of $10.51 and a 1-year high of $32.00.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The business had revenue of $224.89 million during the quarter, compared to analysts’ expectations of $201.46 million. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. Sell-side analysts predict that Montrose Environmental Group will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Montrose Environmental Group

In related news, CEO Vijay Manthripragada sold 44,984 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $24.07, for a total transaction of $1,082,764.88. Following the completion of the sale, the chief executive officer directly owned 316,637 shares in the company, valued at $7,621,452.59. This represents a 12.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 11.90% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisory Services Network LLC bought a new position in shares of Montrose Environmental Group in the third quarter worth approximately $32,000. Canada Pension Plan Investment Board raised its holdings in Montrose Environmental Group by 533.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after buying an additional 1,600 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in Montrose Environmental Group by 95.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after buying an additional 1,508 shares during the period. CWM LLC grew its holdings in Montrose Environmental Group by 1,015.3% in the 2nd quarter. CWM LLC now owns 4,506 shares of the company’s stock worth $99,000 after acquiring an additional 4,102 shares during the last quarter. Finally, AlphaQuest LLC grew its holdings in Montrose Environmental Group by 17.4% in the 2nd quarter. AlphaQuest LLC now owns 4,809 shares of the company’s stock worth $105,000 after acquiring an additional 713 shares during the last quarter. 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.