Posted by Defense World Staff on Jun 18th, 2024 
Montrose Environmental Group, Inc. (NYSE:MEG – Get Free Report)’s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $37.69 and traded as high as $47.99. Montrose Environmental Group shares last traded at $46.24, with a volume of 214,378 shares trading hands.
Several equities analysts recently commented on MEG shares. Stifel Nicolaus reissued a “buy” rating and issued a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a report on Wednesday, April 3rd. JPMorgan Chase & Co. increased their target price on Montrose Environmental Group from $41.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $54.00 target price on shares of Montrose Environmental Group in a report on Thursday, May 9th.
Check Out Our Latest Analysis on Montrose Environmental Group
The company has a debt-to-equity ratio of 0.98, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market cap of $1.58 billion, a price-to-earnings ratio of -31.24 and a beta of 1.91. The firm’s 50 day simple moving average is $44.97 and its 200-day simple moving average is $37.69.
Montrose Environmental Group (NYSE:MEG – Get Free Report) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). Montrose Environmental Group had a negative net margin of 4.55% and a negative return on equity of 1.78%. The company had revenue of $155.33 million during the quarter, compared to analyst estimates of $152.61 million. As a group, sell-side analysts anticipate that Montrose Environmental Group, Inc. will post 0.17 earnings per share for the current year.
In other news, CEO Vijay Manthripragada sold 12,500 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $46.51, for a total transaction of $581,375.00. Following the completion of the sale, the chief executive officer now owns 316,637 shares in the company, valued at $14,726,786.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 11.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in the business. Blair William & Co. IL raised its holdings in Montrose Environmental Group by 30.4% during the first quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock worth $28,685,000 after purchasing an additional 170,924 shares in the last quarter. Bamco Inc. NY boosted its position in Montrose Environmental Group by 9.8% during the first quarter. Bamco Inc. NY now owns 1,154,030 shares of the company’s stock worth $45,203,000 after acquiring an additional 102,536 shares during the last quarter. Stephens Investment Management Group LLC boosted its position in Montrose Environmental Group by 18.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 625,562 shares of the company’s stock worth $20,099,000 after acquiring an additional 95,417 shares during the last quarter. Essex Investment Management Co. LLC acquired a new stake in Montrose Environmental Group during the fourth quarter worth approximately $2,121,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Montrose Environmental Group in the 3rd quarter valued at $1,782,000. Institutional investors and hedge funds own 87.87% of the company’s stock.
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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.
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