Montrose Environmental Group (NYSE:MEG) Shares Gap Down to $47.57

Montrose Environmental Group, Inc. (NYSE:MEG) gapped down prior to trading on Wednesday . The stock had previously closed at $47.57, but opened at $43.37. Montrose Environmental Group shares last traded at $42.93, with a volume of 92,908 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus reaffirmed a “buy” rating and issued a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. boosted their target price on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research report on Friday, March 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of Montrose Environmental Group in a research note on Thursday.

Montrose Environmental Group Trading Down 0.5 %

The firm has a market cap of $1.32 billion, a P/E ratio of -27.25 and a beta of 1.91. The business’s 50 day moving average is $41.05 and its 200-day moving average is $33.95. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.50.

Montrose Environmental Group (NYSE:MEG) last released its earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.08. The company had revenue of $165.74 million during the quarter, compared to the consensus estimate of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. As a group, analysts forecast that Montrose Environmental Group, Inc. will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Montrose Environmental Group

In related news, CEO Vijay Manthripragada sold 12,500 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $46.51, for a total transaction of $581,375.00. Following the sale, the chief executive officer now directly owns 316,637 shares of the company’s stock, valued at approximately $14,726,786.87. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 11.90% of the company’s stock.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Mutual of America Capital Management LLC boosted its position in Montrose Environmental Group by 134.0% during the 3rd quarter. Mutual of America Capital Management LLC now owns 39,904 shares of the company’s stock valued at $1,168,000 after purchasing an additional 22,854 shares during the period. Swiss National Bank grew its position in shares of Montrose Environmental Group by 1.8% during the third quarter. Swiss National Bank now owns 62,900 shares of the company’s stock worth $1,840,000 after acquiring an additional 1,100 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Montrose Environmental Group by 3.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 214,047 shares of the company’s stock worth $6,263,000 after acquiring an additional 7,140 shares during the period. Van ECK Associates Corp lifted its position in Montrose Environmental Group by 58.6% in the 3rd quarter. Van ECK Associates Corp now owns 86,047 shares of the company’s stock valued at $2,518,000 after purchasing an additional 31,788 shares during the last quarter. Finally, Graham Capital Management L.P. boosted its stake in Montrose Environmental Group by 118.8% during the 3rd quarter. Graham Capital Management L.P. now owns 10,863 shares of the company’s stock valued at $318,000 after purchasing an additional 5,898 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.