Montrose Environmental Group (NYSE:MEG) Trading Down 6.3% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG) traded down 6.3% on Wednesday . The company traded as low as $24.59 and last traded at $24.3540. 57,366 shares changed hands during trading, a decline of 75% from the average session volume of 228,781 shares. The stock had previously closed at $25.99.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MEG shares. Wall Street Zen raised Montrose Environmental Group from a “hold” rating to a “buy” rating in a research note on Saturday, January 3rd. Barclays lifted their target price on Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Zacks Research cut Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. JPMorgan Chase & Co. raised their price objective on shares of Montrose Environmental Group from $26.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Montrose Environmental Group in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $33.50.

Montrose Environmental Group Stock Performance

The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.70. The firm’s fifty day moving average is $25.53 and its two-hundred day moving average is $26.16.

Montrose Environmental Group (NYSE:MEG) last announced its earnings results on Tuesday, November 4th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.01. The firm had revenue of $224.89 million for the quarter, compared to the consensus estimate of $201.46 million. Montrose Environmental Group had a positive return on equity of 0.17% and a negative net margin of 2.52%. As a group, research analysts anticipate that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current year.

Insider Transactions at Montrose Environmental Group

In other news, CEO Vijay Manthripragada sold 44,984 shares of the firm’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $24.07, for a total transaction of $1,082,764.88. Following the completion of the sale, the chief executive officer directly owned 316,637 shares of the company’s stock, valued at $7,621,452.59. This trade represents a 12.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 11.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Montrose Environmental Group

Several institutional investors have recently made changes to their positions in the stock. Bamco Inc. NY grew its position in shares of Montrose Environmental Group by 2.5% in the second quarter. Bamco Inc. NY now owns 2,764,395 shares of the company’s stock valued at $60,513,000 after purchasing an additional 68,713 shares in the last quarter. William Blair Investment Management LLC grew its holdings in Montrose Environmental Group by 21.8% during the 2nd quarter. William Blair Investment Management LLC now owns 2,317,660 shares of the company’s stock valued at $50,734,000 after buying an additional 414,272 shares in the last quarter. Vanguard Group Inc. grew its holdings in Montrose Environmental Group by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,929,183 shares of the company’s stock valued at $52,975,000 after buying an additional 49,652 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Montrose Environmental Group by 3,407.7% during the second quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock valued at $28,080,000 after buying an additional 1,246,199 shares during the period. Finally, Legal & General Group Plc lifted its holdings in shares of Montrose Environmental Group by 12.9% in the second quarter. Legal & General Group Plc now owns 904,154 shares of the company’s stock worth $19,792,000 after buying an additional 103,460 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.