Montrose Environmental Group (NYSE:MEG) Reaches New 12-Month Low – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price reached a new 52-week low on Monday . The stock traded as low as $13.79 and last traded at $14.63, with a volume of 200850 shares trading hands. The stock had previously closed at $14.41.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $39.00 price target on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Evercore ISI reduced their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, February 10th. Finally, Stifel Nicolaus cut their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report 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’s stock. According to MarketBeat.com, Montrose Environmental Group has an average rating of “Moderate Buy” and a consensus target price of $33.60.

Montrose Environmental Group Price Performance

The stock has a market capitalization of $497.46 million, a price-to-earnings ratio of -9.63 and a beta of 1.72. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a fifty day moving average of $18.76 and a two-hundred day moving average of $20.85.

Hedge Funds Weigh In On Montrose Environmental Group

Large investors have recently modified their holdings of the stock. Intech Investment Management LLC bought a new stake in Montrose Environmental Group in the third quarter valued at about $295,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Montrose Environmental Group by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 263,698 shares of the company’s stock valued at $6,935,000 after purchasing an additional 6,143 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Montrose Environmental Group by 39.7% during the third quarter. The Manufacturers Life Insurance Company now owns 16,936 shares of the company’s stock worth $445,000 after buying an additional 4,813 shares during the period. FMR LLC raised its position in Montrose Environmental Group by 11.1% in the 3rd quarter. FMR LLC now owns 352,264 shares of the company’s stock valued at $9,265,000 after buying an additional 35,314 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Montrose Environmental Group by 147.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,571 shares of the company’s stock worth $278,000 after acquiring an additional 6,294 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.