Montrose Environmental Group’s (MEG) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a report published on Tuesday,Benzinga reports. They currently have a $39.00 price target on the stock.

MEG has been the subject of several other reports. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research report on Thursday, October 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus dropped 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 research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Montrose Environmental Group presently has an average rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock opened at $20.98 on Tuesday. 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 company has a fifty day simple moving average of $19.27 and a 200-day simple moving average of $25.02. The stock has a market cap of $719.61 million, a P/E ratio of -14.08 and a beta of 1.70. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors have recently bought and sold shares of MEG. Fred Alger Management LLC boosted its stake in shares of Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after buying an additional 470,706 shares in the last quarter. Bamco Inc. NY lifted its holdings in Montrose Environmental Group by 7.4% in the third quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock valued at $32,681,000 after acquiring an additional 86,000 shares during the period. Geode Capital Management LLC boosted its position in shares of Montrose Environmental Group by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock worth $18,850,000 after purchasing an additional 23,356 shares in the last quarter. State Street Corp grew its stake in shares of Montrose Environmental Group by 0.8% during the 3rd quarter. State Street Corp now owns 679,871 shares of the company’s stock worth $17,881,000 after purchasing an additional 5,687 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Montrose Environmental Group by 8.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 508,414 shares of the company’s stock valued at $22,657,000 after purchasing an additional 38,701 shares in the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.

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.