Stifel Nicolaus Cuts Montrose Environmental Group (NYSE:MEG) Price Target to $38.00

Montrose Environmental Group (NYSE:MEG) had its price target reduced by analysts at Stifel Nicolaus from $41.00 to $38.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 141.73% from the company’s current price.

Several other research firms have also commented on MEG. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their target price for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC reduced their target price on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Finally, Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of “Moderate Buy” and an average target price of $36.60.

Montrose Environmental Group Stock Performance

Shares of NYSE MEG traded down $0.75 during midday trading on Wednesday, hitting $15.72. The company’s stock had a trading volume of 145,813 shares, compared to its average volume of 417,057. Montrose Environmental Group has a 1-year low of $15.64 and a 1-year high of $49.97. The firm’s fifty day moving average price is $22.03 and its 200-day moving average price is $31.19. 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 firm has a market cap of $539.20 million, a P/E ratio of -10.60 and a beta of 1.72.

Institutional Trading of Montrose Environmental Group

A number of hedge funds and other institutional investors have recently made changes to their positions in MEG. Price T Rowe Associates Inc. MD raised its holdings in shares of Montrose Environmental Group by 10.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock valued at $514,000 after acquiring an additional 1,211 shares during the period. Calamos Advisors LLC acquired a new stake in shares of Montrose Environmental Group during the second quarter valued at approximately $1,602,000. Bank of New York Mellon Corp increased its stake in Montrose Environmental Group by 271.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after buying an additional 276,166 shares during the period. Legato Capital Management LLC increased its stake in Montrose Environmental Group by 4.9% in the 2nd quarter. Legato Capital Management LLC now owns 43,761 shares of the company’s stock valued at $1,950,000 after buying an additional 2,050 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Montrose Environmental Group by 28.8% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 44,828 shares of the company’s stock valued at $1,998,000 after buying an additional 10,029 shares during the period. 87.87% of the stock is currently owned by institutional investors.

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.