Montrose Environmental Group (NYSE:MEG) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a report published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $54.00 price target on the stock.

Separately, Evercore ISI began coverage on Montrose Environmental Group in a report on Wednesday, August 14th. They set an outperform rating and a $43.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Montrose Environmental Group currently has an average rating of Buy and a consensus price target of $45.60.

Montrose Environmental Group Price Performance

NYSE MEG opened at $22.55 on Thursday. Montrose Environmental Group has a 1 year low of $21.17 and a 1 year high of $49.97. The company has a fifty day simple moving average of $29.82 and a 200 day simple moving average of $38.26. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The company has a market cap of $768.53 million, a P/E ratio of -15.24 and a beta of 1.87.

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

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Driehaus Capital Management LLC lifted its position in shares of Montrose Environmental Group by 253.0% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after acquiring an additional 823,636 shares during the period. Bank of New York Mellon Corp boosted its stake in Montrose Environmental Group by 271.2% during the second quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock worth $16,844,000 after buying an additional 276,166 shares in the last quarter. Victory Capital Management Inc. bought a new stake in Montrose Environmental Group in the 2nd quarter valued at $10,666,000. Fred Alger Management LLC raised its stake in shares of Montrose Environmental Group by 17.6% in the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock valued at $62,192,000 after buying an additional 208,785 shares in the last quarter. Finally, Blair William & Co. IL boosted its position in shares of Montrose Environmental Group by 30.4% during the 1st quarter. Blair William & Co. IL now owns 732,318 shares of the company’s stock valued at $28,685,000 after acquiring an additional 170,924 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors.

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.