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

Montrose Environmental Group (NYSE:MEG) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, FinViz reports.

MEG has been the subject of a number of other reports. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a report on Thursday, October 17th. 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 Wednesday, October 16th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.60.

Montrose Environmental Group Stock Up 1.3 %

NYSE:MEG traded up $0.34 during mid-day trading on Wednesday, hitting $27.04. 156,893 shares of the company’s stock were exchanged, compared to its average volume of 376,924. Montrose Environmental Group has a one year low of $19.59 and a one year high of $49.97. The business has a fifty day moving average price of $27.15 and a 200 day moving average price of $35.84. The company has a market cap of $925.58 million, a PE ratio of -18.21 and a beta of 1.86. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.15). The business had revenue of $173.33 million during the quarter, compared to the consensus estimate of $174.59 million. Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. Equities analysts predict that Montrose Environmental Group will post 0.19 EPS for the current year.

Institutional Investors Weigh In On Montrose Environmental Group

A number of institutional investors have recently made changes to their positions in MEG. Oppenheimer Asset Management Inc. lifted its holdings in Montrose Environmental Group by 39.3% in the third quarter. Oppenheimer Asset Management Inc. now owns 30,328 shares of the company’s stock worth $798,000 after purchasing an additional 8,562 shares during the period. GSA Capital Partners LLP bought a new stake in Montrose Environmental Group in the third quarter worth about $689,000. Chartwell Investment Partners LLC lifted its stake in Montrose Environmental Group by 33.5% during the third quarter. Chartwell Investment Partners LLC now owns 23,351 shares of the company’s stock valued at $614,000 after purchasing an additional 5,861 shares during the last quarter. Privium Fund Management B.V. acquired a new position in shares of Montrose Environmental Group in the 3rd quarter worth $350,000. Finally, Radnor Capital Management LLC purchased a new stake in shares of Montrose Environmental Group during the third quarter valued at $801,000. 87.87% of the stock is currently owned by institutional investors.

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.