Montrose Environmental Group (NYSE:MEG) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Montrose Environmental Group (NYSE:MEG) in a research note issued to investors on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $39.00 target price on the stock.

MEG has been the subject of several other research reports. Stifel Nicolaus lowered 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 report on Wednesday, December 11th. Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $52.00 to $29.00 in a report on Wednesday, November 6th. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $29.00 price objective (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $35.60.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock opened at $21.52 on Tuesday. The firm has a 50-day moving average price of $19.17 and a 200-day moving average price of $25.07. The firm has a market capitalization of $738.10 million, a PE ratio of -14.44 and a beta of 1.70. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group has a 12-month low of $15.21 and a 12-month high of $49.97.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Natixis Advisors LLC increased its position in Montrose Environmental Group by 6.9% during the 3rd quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock valued at $549,000 after purchasing an additional 1,351 shares during the period. Wrapmanager Inc. grew its position 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 buying an additional 1,420 shares during the last quarter. KBC Group NV grew its position in shares of Montrose Environmental Group by 126.5% in the 4th quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after buying an additional 1,613 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Montrose Environmental Group by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock worth $540,000 after buying an additional 1,695 shares during the last quarter. Finally, Point72 DIFC Ltd purchased a new position in shares of Montrose Environmental Group in the 3rd quarter worth approximately $111,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.