Montrose Environmental Group, Inc. (NYSE:MEG) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Montrose Environmental Group, Inc. has received a "Moderate Buy" rating from analysts, with an average target price of $32.50.
• Institutional investors hold 87.87% of Montrose's stock, indicating significant confidence in the company's prospects.
• Montrose's stock has seen a one-year range between a low of $10.51 and a high of $32.00, currently trading at $27.76.

Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the six analysts that are covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $32.50.

Several brokerages recently weighed in on MEG. Barclays began coverage on Montrose Environmental Group in a research note on Friday, September 19th. They set an "overweight" rating and a $35.00 target price for the company. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Needham & Company LLC restated a "buy" rating and set a $31.00 target price (up previously from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th.

Institutional Trading of Montrose Environmental Group

A number of hedge funds have recently modified their holdings of MEG. Alliancebernstein L.P. lifted its position in shares of Montrose Environmental Group by 3,407.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company's stock worth $28,080,000 after acquiring an additional 1,246,199 shares during the period. Royce & Associates LP lifted its position in shares of Montrose Environmental Group by 167.5% in the 1st quarter. Royce & Associates LP now owns 852,849 shares of the company's stock worth $12,162,000 after acquiring an additional 533,986 shares during the period. Nuveen LLC bought a new stake in shares of Montrose Environmental Group in the 1st quarter worth approximately $6,886,000. William Blair Investment Management LLC lifted its position in shares of Montrose Environmental Group by 21.8% in the 2nd quarter. William Blair Investment Management LLC now owns 2,317,660 shares of the company's stock worth $50,734,000 after acquiring an additional 414,272 shares during the period. Finally, Wellington Management Group LLP bought a new stake in shares of Montrose Environmental Group in the 4th quarter worth approximately $6,135,000. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Price Performance

Shares of NYSE:MEG opened at $27.76 on Friday. The business has a 50 day moving average price of $27.07 and a 200 day moving average price of $21.26. Montrose Environmental Group has a twelve month low of $10.51 and a twelve month high of $32.00. The company has a market cap of $979.51 million, a price-to-earnings ratio of -18.38, a PEG ratio of 2.76 and a beta of 1.84. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.60.

About Montrose Environmental Group

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.

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