Evercore ISI Has Lowered Expectations for Montrose Environmental Group (NYSE:MEG) Stock Price

Montrose Environmental Group (NYSE:MEG) had its price target lowered by Evercore ISI from $40.00 to $33.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price objective would suggest a potential upside of 72.96% from the company’s previous close.

MEG has been the subject of several other research reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $39.00 price objective on shares of Montrose Environmental Group in a report on Tuesday, January 28th. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their target price for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus decreased their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

Montrose Environmental Group Price Performance

NYSE:MEG opened at $19.08 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. Montrose Environmental Group has a one year low of $15.21 and a one year high of $49.97. The company has a fifty day moving average price of $19.58 and a 200 day moving average price of $24.08. The stock has a market cap of $654.44 million, a P/E ratio of -12.81 and a beta of 1.71.

Hedge Funds Weigh In On Montrose Environmental Group

A number of large investors have recently bought and sold shares of MEG. Fred Alger Management LLC raised its stake in 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 during the period. Vanguard Group Inc. increased its holdings in shares of Montrose Environmental Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company’s stock worth $33,437,000 after purchasing an additional 11,211 shares during the period. William Blair Investment Management LLC increased its stake in Montrose Environmental Group by 175.0% during the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company’s stock worth $27,255,000 after acquiring an additional 934,938 shares during the period. Bamco Inc. NY grew its holdings in shares of Montrose Environmental Group by 7.4% during the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Montrose Environmental Group by 3.4% in the third 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 during the period. 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.