Montrose Environmental Group (NYSE:MEG) Trading Down 6.3% – Here’s What Happened

Shares of Montrose Environmental Group, Inc. (NYSE:MEG) fell 6.3% during mid-day trading on Wednesday . The company traded as low as $24.59 and last traded at $24.3540. 57,366 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 228,781 shares. The stock had previously closed at $25.99.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Montrose Environmental Group from $26.00 to $33.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Zacks Research cut Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. 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 report on Friday, November 7th. Finally, Wall Street Zen raised shares of Montrose Environmental Group from a “hold” rating to a “buy” rating in a research report on Saturday, January 3rd. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Montrose Environmental Group has a consensus rating of “Hold” and a consensus price target of $33.50.

Montrose Environmental Group Price Performance

The firm has a 50-day moving average of $25.62 and a 200 day moving average of $26.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.66 and a quick ratio of 1.66. The company has a market capitalization of $811.51 million, a PE ratio of -25.29, a PEG ratio of 1.83 and a beta of 1.97.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.01. Montrose Environmental Group had a positive return on equity of 0.17% and a negative net margin of 2.52%.The company had revenue of $224.89 million during the quarter, compared to analysts’ expectations of $201.46 million. As a group, research analysts anticipate that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Montrose Environmental Group

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 44,984 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $24.07, for a total value of $1,082,764.88. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 11.20% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

Large investors have recently made changes to their positions in the business. Peregrine Capital Management LLC increased its position in Montrose Environmental Group by 16.6% in the third quarter. Peregrine Capital Management LLC now owns 283,899 shares of the company’s stock worth $7,796,000 after purchasing an additional 40,393 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Montrose Environmental Group by 4.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,378,212 shares of the company’s stock worth $33,913,000 after purchasing an additional 97,035 shares during the period. Stephens Investment Management Group LLC boosted its holdings in Montrose Environmental Group by 44.6% during the 2nd quarter. Stephens Investment Management Group LLC now owns 656,814 shares of the company’s stock valued at $14,378,000 after acquiring an additional 202,541 shares during the period. Atria Investments Inc bought a new position in shares of Montrose Environmental Group in the second quarter worth about $266,000. Finally, Global Alpha Capital Management Ltd. increased its position in shares of Montrose Environmental Group by 46.2% during the second quarter. Global Alpha Capital Management Ltd. now owns 162,982 shares of the company’s stock worth $3,568,000 after acquiring an additional 51,476 shares during the period. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

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.