Montrose Environmental Group (NYSE:MEG) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a $39.00 price target on the stock.

MEG has been the topic of several other research reports. Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Stifel Nicolaus reduced their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a report on Wednesday, December 11th. Bank of America lowered 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 note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Montrose Environmental Group presently has an average rating of “Moderate Buy” and a consensus price target of $35.60.

Montrose Environmental Group Stock Performance

Montrose Environmental Group stock opened at $22.60 on Friday. The firm has a market capitalization of $775.21 million, a PE ratio of -15.17 and a beta of 1.70. Montrose Environmental Group has a one year low of $15.21 and a one year high of $49.97. The stock’s 50 day moving average price is $18.77 and its 200 day moving average price is $26.06. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. lifted its stake in Montrose Environmental Group by 43.2% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock worth $86,000 after purchasing an additional 586 shares during the last quarter. Natixis Advisors LLC boosted its holdings in shares of Montrose Environmental Group by 6.9% in the 3rd quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock valued at $549,000 after buying an additional 1,351 shares during the period. Wrapmanager Inc. grew its position in shares of Montrose Environmental Group by 18.8% during the 3rd quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock valued at $236,000 after buying an additional 1,420 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Montrose Environmental Group by 16.3% during the second quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock worth $540,000 after acquiring an additional 1,695 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its holdings in Montrose Environmental Group by 17.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 21,766 shares of the company’s stock worth $970,000 after acquiring an additional 3,248 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.