Montrose Environmental Group (NYSE:MEG) Stock Price Down 4.6% - What's Next?

Key Points

• Montrose Environmental Group's stock price dropped 4.6% to $29.25, with 72,175 shares traded, marking an 85% decrease in volume compared to its average.
• Analysts from Needham & Company and Wall Street Zen have issued a "buy" rating on MEG, with the average price target set at $32.00.
• The company recently implemented a share repurchase program, authorizing the buyback of $40 million in shares, indicating management believes the stock is undervalued.

Shares of Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) dropped 4.6% during mid-day trading on Wednesday . The stock traded as low as $29.25 and last traded at $29.25. Approximately 72,175 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 477,383 shares. The stock had previously closed at $30.67.

Wall Street Analyst Weigh In

MEG has been the topic of several research reports. Wall Street Zen raised Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC reaffirmed 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. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Montrose Environmental Group has an average rating of "Moderate Buy" and an average price target of $32.00.

Montrose Environmental Group Price Performance

The firm has a fifty day simple moving average of $25.15 and a 200 day simple moving average of $20.16. The company has a market capitalization of $1.07 billion, a PE ratio of -20.07, a P/E/G ratio of 3.03 and a beta of 1.84. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.78 and a current ratio of 1.78.

Institutional Trading of Montrose Environmental Group

A number of hedge funds have recently bought and sold shares of MEG. Dimensional Fund Advisors LP lifted its holdings in Montrose Environmental Group by 26.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 677,218 shares of the company's stock worth $12,563,000 after buying an additional 143,653 shares during the period. Stifel Financial Corp boosted its position in shares of Montrose Environmental Group by 53.2% in the 4th quarter. Stifel Financial Corp now owns 36,029 shares of the company's stock worth $668,000 after purchasing an additional 12,508 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Montrose Environmental Group by 23.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,127 shares of the company's stock worth $355,000 after purchasing an additional 3,591 shares in the last quarter. Northern Trust Corp boosted its position in shares of Montrose Environmental Group by 22.1% in the 4th quarter. Northern Trust Corp now owns 583,522 shares of the company's stock worth $10,824,000 after purchasing an additional 105,539 shares in the last quarter. Finally, Comerica Bank boosted its position in shares of Montrose Environmental Group by 42.1% in the 4th quarter. Comerica Bank now owns 17,270 shares of the company's stock worth $320,000 after purchasing an additional 5,113 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

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.