Montrose Environmental Group (NYSE:MEG) Rating Lowered to “Neutral” at Bank of America

Montrose Environmental Group (NYSE:MEG) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, MarketBeat Ratings reports. They currently have a $29.00 price target on the stock, down from their previous price target of $52.00. Bank of America‘s price target suggests a potential upside of 32.30% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $38.17.

Montrose Environmental Group Trading Down 7.4 %

Shares of NYSE MEG traded down $1.75 on Wednesday, reaching $21.92. 162,487 shares of the company traded hands, compared to its average volume of 384,031. Montrose Environmental Group has a fifty-two week low of $19.59 and a fifty-two week high of $49.97. The company has a 50 day moving average of $26.70 and a 200 day moving average of $35.58. The stock has a market capitalization of $750.32 million, a PE ratio of -15.89 and a beta of 1.86. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.15). The firm had revenue of $173.33 million for the quarter, compared to analyst estimates of $174.59 million. Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. On average, equities research analysts forecast that Montrose Environmental Group will post 0.19 earnings per share for the current fiscal year.

Institutional Trading of Montrose Environmental Group

Large investors have recently bought and sold shares of the company. Driehaus Capital Management LLC boosted its stake in shares of Montrose Environmental Group by 253.0% in the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after purchasing an additional 823,636 shares during the period. Bank of New York Mellon Corp boosted its position in Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after buying an additional 276,166 shares during the last quarter. Victory Capital Management Inc. purchased a new position in Montrose Environmental Group in the 2nd quarter valued at about $10,666,000. Fred Alger Management LLC grew its stake in shares of Montrose Environmental Group by 17.6% during the second quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock valued at $62,192,000 after acquiring an additional 208,785 shares in the last quarter. Finally, Blair William & Co. IL increased its position in shares of 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 acquiring an additional 170,924 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

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.