Montrose Environmental Group (NYSE:MEG) Lowered to “Neutral” Rating by Bank of America

Bank of America lowered shares of Montrose Environmental Group (NYSE:MEG) from a buy rating to a neutral rating in a report released on Wednesday, Marketbeat.com reports. Bank of America currently has $29.00 price target on the stock, down from their prior price target of $52.00.

Several other research firms have also recently weighed in on MEG. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research report on Wednesday, October 16th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Montrose Environmental Group currently has an average rating of “Moderate Buy” and an average target price of $42.83.

Montrose Environmental Group Stock Performance

MEG traded up $1.11 on Wednesday, hitting $25.50. The company’s stock had a trading volume of 219,434 shares, compared to its average volume of 382,428. The company’s 50 day simple moving average is $26.88 and its 200-day simple moving average is $35.66. The firm has a market cap of $872.87 million, a P/E ratio of -16.37 and a beta of 1.86. Montrose Environmental Group has a 12 month low of $19.59 and a 12 month high of $49.97. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.46.

Montrose Environmental Group (NYSE:MEG) last posted its earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $174.59 million. Analysts forecast that Montrose Environmental Group will post 0.19 EPS for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

A number of hedge funds have recently bought and sold shares of the business. Mutual of America Capital Management LLC raised its stake in shares of Montrose Environmental Group by 28.7% in the first quarter. Mutual of America Capital Management LLC now owns 86,088 shares of the company’s stock valued at $3,372,000 after acquiring an additional 19,201 shares during the period. Oppenheimer Asset Management Inc. raised its stake in shares of Montrose Environmental Group by 78.0% in the first quarter. Oppenheimer Asset Management Inc. now owns 18,518 shares of the company’s stock valued at $725,000 after acquiring an additional 8,112 shares during the period. Lisanti Capital Growth LLC bought a new position in shares of Montrose Environmental Group in the first quarter worth about $2,174,000. Avalon Trust Co grew its holdings in shares of Montrose Environmental Group by 1.4% in the first quarter. Avalon Trust Co now owns 136,650 shares of the company’s stock worth $5,353,000 after purchasing an additional 1,850 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Montrose Environmental Group by 1.0% in the first quarter. Sei Investments Co. now owns 49,339 shares of the company’s stock worth $1,933,000 after purchasing an additional 485 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

About Montrose Environmental Group

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.