Montrose Environmental Group's (MEG) "Buy" Rating Reaffirmed at Stifel Nicolaus

Stifel Nicolaus reissued their buy rating on shares of Montrose Environmental Group (NYSE:MEG - Free Report) in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $51.00 price target on the stock, up from their prior price target of $48.00.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on Montrose Environmental Group from $41.00 to $47.00 and gave the company an overweight rating in a research report on Friday, March 1st. Needham & Company LLC restated a buy rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research report on Friday, March 1st.

Montrose Environmental Group Stock Performance

NYSE MEG traded up $0.02 on Wednesday, hitting $43.99. 234,101 shares of the company traded hands, compared to its average volume of 208,483. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of -27.83 and a beta of 2.00. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50. The business's 50 day moving average price is $35.31 and its 200-day moving average price is $31.21. Montrose Environmental Group has a 52-week low of $21.96 and a 52-week high of $45.96.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last released its earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.08. The company had revenue of $165.74 million for the quarter, compared to the consensus estimate of $157.31 million. Montrose Environmental Group had a negative return on equity of 5.64% and a negative net margin of 4.94%. Equities analysts expect that Montrose Environmental Group will post -0.21 earnings per share for the current year.

Hedge Funds Weigh In On Montrose Environmental Group

Several large investors have recently made changes to their positions in MEG. Captrust Financial Advisors bought a new stake in shares of Montrose Environmental Group in the first quarter worth about $29,000. Pinebridge Investments L.P. bought a new stake in Montrose Environmental Group during the second quarter worth approximately $58,000. Stephens Inc. AR increased its stake in Montrose Environmental Group by 494.2% during the first quarter. Stephens Inc. AR now owns 1,432 shares of the company's stock worth $51,000 after acquiring an additional 1,191 shares during the last quarter. Citigroup Inc. increased its stake in 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 last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in Montrose Environmental Group during the second quarter worth approximately $57,000. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

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.