Montrose Environmental Group’s (MEG) “Neutral” Rating Reaffirmed at JPMorgan Chase & Co.

Montrose Environmental Group (NYSE:MEG)‘s stock had its “neutral” rating reaffirmed by stock analysts at JPMorgan Chase & Co. in a research note issued on Friday, Marketbeat.com reports. They currently have a $29.00 price target on the stock, down from their previous price target of $48.00. JPMorgan Chase & Co.‘s price target indicates a potential upside of 22.52% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $29.00 in a report on Wednesday. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $54.00 target price on shares of Montrose Environmental Group in a report on Wednesday, October 16th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Montrose Environmental Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $38.17.

Montrose Environmental Group Stock Performance

MEG opened at $23.67 on Friday. The stock has a market capitalization of $810.22 million, a price-to-earnings ratio of -15.89 and a beta of 1.86. Montrose Environmental Group has a fifty-two week low of $19.59 and a fifty-two week high of $49.97. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82. The company has a fifty day moving average of $26.70 and a 200 day moving average of $35.58.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Wrapmanager Inc. lifted its holdings in shares of Montrose Environmental Group by 18.8% in the 3rd quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock worth $236,000 after acquiring an additional 1,420 shares during the last quarter. Quest Partners LLC purchased a new stake in Montrose Environmental Group in the 3rd quarter worth about $322,000. Natixis Advisors LLC lifted its stake in Montrose Environmental Group by 6.9% in the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock worth $549,000 after purchasing an additional 1,351 shares during the last quarter. Royce & Associates LP boosted its position in shares of Montrose Environmental Group by 43.3% during the third quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock valued at $9,075,000 after buying an additional 104,320 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of Montrose Environmental Group by 39.3% during the third quarter. Oppenheimer Asset Management Inc. now owns 30,328 shares of the company’s stock valued at $798,000 after buying an additional 8,562 shares during the last quarter. Institutional investors 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.