Montrose Environmental Group (NYSE:MEG) Trading Down 8.7% Following Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:MEG – Get Rating)’s stock price dropped 8.7% on Thursday after Needham & Company LLC lowered their price target on the stock from $58.00 to $54.00. Needham & Company LLC currently has a buy rating on the stock. Montrose Environmental Group traded as low as $38.15 and last traded at $39.65. Approximately 79,220 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 181,025 shares. The stock had previously closed at $43.45.

A number of other equities research analysts have also recently issued reports on the company. Bank of America upgraded Montrose Environmental Group from a “neutral” rating to a “buy” rating in a report on Monday, December 12th. JPMorgan Chase & Co. cut Montrose Environmental Group from an “overweight” rating to a “neutral” rating and set a $39.00 price target for the company. in a report on Thursday. Finally, Morgan Stanley lowered their price target on shares of Montrose Environmental Group from $51.00 to $47.00 and set an “equal weight” rating for the company in a report on Wednesday, December 14th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $46.67.

Insider Buying and Selling at Montrose Environmental Group

In other news, Director Richard E. Perlman sold 12,172 shares of the business’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $52.53, for a total value of $639,395.16. Following the transaction, the director now owns 948,349 shares of the company’s stock, valued at $49,816,772.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Richard E. Perlman sold 31,035 shares of the business’s stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $52.72, for a total value of $1,636,165.20. Following the completion of the transaction, the director now owns 870,800 shares of the company’s stock, valued at $45,908,576. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard E. Perlman sold 12,172 shares of the firm’s stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $52.53, for a total value of $639,395.16. Following the sale, the director now directly owns 948,349 shares in the company, valued at approximately $49,816,772.97. The disclosure for this sale can be found here. In the last ninety days, insiders sold 128,272 shares of company stock worth $6,798,617. Insiders own 11.00% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Arizona State Retirement System lifted its stake in Montrose Environmental Group by 3.8% in the 4th quarter. Arizona State Retirement System now owns 6,700 shares of the company’s stock worth $297,000 after purchasing an additional 248 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Montrose Environmental Group by 33.7% in the second quarter. Stephens Inc. AR now owns 1,064 shares of the company’s stock valued at $36,000 after buying an additional 268 shares in the last quarter. Rice Hall James & Associates LLC lifted its position in shares of Montrose Environmental Group by 0.4% during the second quarter. Rice Hall James & Associates LLC now owns 71,135 shares of the company’s stock worth $2,402,000 after purchasing an additional 273 shares in the last quarter. Citigroup Inc. increased its position in shares of Montrose Environmental Group by 22.1% during the fourth quarter. Citigroup Inc. now owns 1,633 shares of the company’s stock worth $72,000 after acquiring an additional 296 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in shares of Montrose Environmental Group by 2.5% in the 4th quarter. MetLife Investment Management LLC now owns 14,169 shares of the company’s stock valued at $629,000 after buying an additional 340 shares during the period. 90.89% of the stock is currently owned by institutional investors and hedge funds.

Montrose Environmental Group Trading Down 17.0 %

The company has a debt-to-equity ratio of 0.52, a current ratio of 2.38 and a quick ratio of 2.38. The stock has a market cap of $1.07 billion, a price-to-earnings ratio of -22.25 and a beta of 1.72. The business’s 50 day moving average is $49.80 and its 200 day moving average is $44.56.

Montrose Environmental Group Company Profile

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Montrose Environmental Group, Inc operates as an environmental services company in the United States. 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.