Montrose Environmental Group (NYSE:MEG) Trading Down 7.3% Following Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG) shares fell 7.3% during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $40.00 to $33.00. Evercore ISI currently has an outperform rating on the stock. Montrose Environmental Group traded as low as $19.61 and last traded at $19.54. 72,522 shares changed hands during trading, a decline of 85% from the average session volume of 490,172 shares. The stock had previously closed at $21.09.

Several other analysts have also recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $39.00 price objective on shares of Montrose Environmental Group in a report on Tuesday, January 28th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus reduced their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Institutional Investors Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently made changes to their positions in MEG. Royce & Associates LP grew its holdings in Montrose Environmental Group by 43.3% during the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock valued at $9,075,000 after purchasing an additional 104,320 shares during the last quarter. FMR LLC boosted its position in shares of Montrose Environmental Group by 11.1% during the third quarter. FMR LLC now owns 352,264 shares of the company’s stock valued at $9,265,000 after buying an additional 35,314 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of Montrose Environmental Group during the third quarter valued at approximately $6,801,000. Rockefeller Capital Management L.P. raised its holdings in shares of Montrose Environmental Group by 189.3% in the third quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock worth $1,223,000 after buying an additional 30,437 shares during the period. Finally, Barclays PLC raised its holdings in shares of Montrose Environmental Group by 375.0% in the third quarter. Barclays PLC now owns 53,575 shares of the company’s stock worth $1,410,000 after buying an additional 42,297 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

The stock has a 50 day moving average of $19.58 and a 200-day moving average of $24.05. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $637.64 million, a P/E ratio of -12.48 and a beta of 1.71.

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.