Montrose Environmental Group (NYSE:MEG) Hits New 12-Month High at $46.45

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price hit a new 52-week high on Monday . The company traded as high as $46.45 and last traded at $46.36, with a volume of 181580 shares changing hands. The stock had previously closed at $44.51.

Analysts Set New Price Targets

Several research firms have commented on MEG. Stifel Nicolaus restated a “buy” rating and issued a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Montrose Environmental Group in a research note on Thursday, April 4th. Finally, JPMorgan Chase & Co. increased their target price on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, March 1st.

Montrose Environmental Group Price Performance

The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -27.37 and a beta of 1.91. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.59 and a quick ratio of 1.59. The stock’s fifty day moving average price is $40.81 and its 200-day moving average price is $33.82.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.08. The business had revenue of $165.74 million during the quarter, compared to the consensus estimate of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. Equities research analysts predict that Montrose Environmental Group, Inc. will post -0.18 EPS for the current fiscal year.

Institutional Trading of Montrose Environmental Group

A number of hedge funds have recently bought and sold shares of MEG. Vanguard Group Inc. increased its position in Montrose Environmental Group by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 1,500,617 shares of the company’s stock valued at $43,908,000 after acquiring an additional 13,721 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Montrose Environmental Group by 1.6% in the 3rd quarter. Federated Hermes Inc. now owns 1,260,500 shares of the company’s stock valued at $36,882,000 after purchasing an additional 20,000 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its stake in shares of Montrose Environmental Group by 51.4% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 635,695 shares of the company’s stock valued at $18,600,000 after purchasing an additional 215,883 shares during the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of Montrose Environmental Group by 18.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 625,562 shares of the company’s stock valued at $20,099,000 after purchasing an additional 95,417 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of Montrose Environmental Group by 0.7% in the 1st quarter. William Blair Investment Management LLC now owns 589,317 shares of the company’s stock valued at $23,084,000 after purchasing an additional 3,824 shares during the last quarter. 87.87% of the stock is 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.