Montrose Environmental Group (NYSE:MEG) PT Lowered to $43.00

Montrose Environmental Group (NYSE:MEG – Get Rating) had its price target reduced by Morgan Stanley from $47.00 to $43.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 31.46% from the company’s previous close.

MEG has been the subject of several other reports. Bank of America raised Montrose Environmental Group from a “neutral” rating to a “buy” rating in a report on Monday, December 12th. JPMorgan Chase & Co. downgraded Montrose Environmental Group from an “overweight” rating to a “neutral” rating and set a $39.00 price objective for the company. in a report on Thursday, March 2nd. Finally, Needham & Company LLC decreased their price target on Montrose Environmental Group from $58.00 to $54.00 and set a “buy” rating for the company in a report on Thursday, March 2nd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $45.33.

Montrose Environmental Group Price Performance

MEG stock opened at $32.71 on Thursday. The company has a market capitalization of $977.05 million, a P/E ratio of -20.19 and a beta of 1.72. Montrose Environmental Group has a twelve month low of $28.36 and a twelve month high of $57.49. The business has a 50 day simple moving average of $48.97 and a 200-day simple moving average of $44.17. The company has a current ratio of 2.22, a quick ratio of 2.22 and a debt-to-equity ratio of 0.52.

Insider Buying and Selling

In other Montrose Environmental Group news, Director J Thomas Presby acquired 5,000 shares of the business’s stock in a transaction on Friday, March 3rd. The stock was purchased at an average price of $36.16 per share, for a total transaction of $180,800.00. Following the completion of the transaction, the director now owns 43,832 shares of the company’s stock, valued at approximately $1,584,965.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Montrose Environmental Group news, Director Richard E. Perlman sold 600 shares of the stock in a transaction on Friday, February 3rd. The stock was sold at an average price of $54.04, for a total value of $32,424.00. Following the completion of the transaction, the director now owns 693,317 shares in the company, valued at $37,466,850.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director J Thomas Presby acquired 5,000 shares of the business’s stock in a transaction on Friday, March 3rd. The stock was acquired at an average price of $36.16 per share, with a total value of $180,800.00. Following the transaction, the director now directly owns 43,832 shares of the company’s stock, valued at approximately $1,584,965.12. The disclosure for this purchase can be found here. Insiders sold a total of 128,272 shares of company stock valued at $6,798,617 over the last three months. 11.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Rockefeller Capital Management L.P. increased its position in shares of Montrose Environmental Group by 167.8% in the fourth quarter. Rockefeller Capital Management L.P. now owns 3,648 shares of the company’s stock valued at $161,000 after buying an additional 2,286 shares in the last quarter. Natixis purchased a new position in shares of Montrose Environmental Group in the fourth quarter valued at $180,000. CI Private Wealth LLC purchased a new position in shares of Montrose Environmental Group in the fourth quarter valued at $214,000. MetLife Investment Management LLC increased its position in shares of Montrose Environmental Group by 2.5% in the fourth 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 in the last quarter. Finally, Pier Capital LLC increased its position in Montrose Environmental Group by 15.8% during the 4th quarter. Pier Capital LLC now owns 191,001 shares of the company’s stock worth $8,479,000 after purchasing an additional 26,010 shares in the last quarter. Hedge funds and other institutional investors own 90.89% of the company’s stock.

About Montrose Environmental Group

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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.