Shares of Montrose Environmental Group, Inc. (NYSE:MEG – Get Rating) gapped up before the market opened on Monday . The stock had previously closed at $51.18, but opened at $52.63. Montrose Environmental Group shares last traded at $49.77, with a volume of 489 shares.
Several research firms have commented on MEG. National Bank Financial lifted their price target on shares of Montrose Environmental Group from C$15.00 to C$18.50 in a research note on Thursday, January 6th. Zacks Investment Research downgraded shares of Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research note on Saturday, March 5th. Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $84.00 to $60.00 and set a “buy” rating on the stock in a research note on Tuesday, March 1st. Finally, JPMorgan Chase & Co. assumed coverage on shares of Montrose Environmental Group in a research note on Friday, March 18th. They set a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $53.06.
The business has a fifty day simple moving average of $48.60. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.54. The company has a market cap of $1.48 billion, a price-to-earnings ratio of -32.19 and a beta of 1.16.
In related news, Director James K. Price purchased 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 3rd. The stock was bought at an average cost of $41.90 per share, with a total value of $1,047,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 11.00% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Carnegie Capital Asset Management LLC increased its stake in shares of Montrose Environmental Group by 3.3% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 168,605 shares of the company’s stock valued at $11,888,000 after purchasing an additional 5,345 shares in the last quarter. Brown Advisory Inc. bought a new position in shares of Montrose Environmental Group during the fourth quarter valued at approximately $408,000. Laurion Capital Management LP purchased a new stake in shares of Montrose Environmental Group during the third quarter valued at approximately $617,000. Invesco Ltd. grew its holdings in shares of Montrose Environmental Group by 423.3% during the third quarter. Invesco Ltd. now owns 344,875 shares of the company’s stock valued at $21,293,000 after buying an additional 278,977 shares during the last quarter. Finally, Citigroup Inc. grew its holdings in shares of Montrose Environmental Group by 79.8% during the third quarter. Citigroup Inc. now owns 3,086 shares of the company’s stock valued at $191,000 after buying an additional 1,370 shares during the last quarter. 93.17% of the stock is owned by institutional investors and hedge funds.
Montrose Environmental Group Company Profile (NYSE:MEG)
Montrose Environmental Group, Inc operates as an environmental services company in the United States. 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.
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