Montrose Environmental Group (NYSE:MEG) Sets New 52-Week Low – Here’s Why

Montrose Environmental Group, Inc. (NYSE:MEG)’s share price reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $14.90 and last traded at $15.42, with a volume of 605437 shares trading hands. The stock had previously closed at $15.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Evercore ISI lowered their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a report on Monday, February 10th. Needham & Company LLC reissued a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research note on Tuesday, March 4th. Finally, Stifel Nicolaus dropped their price objective on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Montrose Environmental Group currently has an average rating of “Moderate Buy” and a consensus target price of $33.60.

Montrose Environmental Group Price Performance

The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The stock’s fifty day moving average price is $19.46 and its 200-day moving average price is $21.46. The firm has a market cap of $501.02 million, a PE ratio of -9.79 and a beta of 1.72.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC raised its position in shares of Montrose Environmental Group by 11.1% during the 3rd quarter. FMR LLC now owns 352,264 shares of the company’s stock worth $9,265,000 after purchasing an additional 35,314 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Montrose Environmental Group in the third quarter valued at $6,801,000. Rockefeller Capital Management L.P. increased its stake in Montrose Environmental Group by 189.3% in the third quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock valued at $1,223,000 after purchasing an additional 30,437 shares during the last quarter. Barclays PLC lifted its position in Montrose Environmental Group by 375.0% during the third quarter. Barclays PLC now owns 53,575 shares of the company’s stock worth $1,410,000 after buying an additional 42,297 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Montrose Environmental Group by 159.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company’s stock worth $1,873,000 after buying an additional 43,739 shares during the last quarter. Institutional investors and hedge funds 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.