Montrose Environmental Group (NYSE:MEG) Stock Price Down 5.2%

Montrose Environmental Group, Inc. (NYSE:MEG)’s stock price dropped 5.2% during mid-day trading on Thursday . The company traded as low as $45.37 and last traded at $45.37. Approximately 198,714 shares traded hands during trading, a decline of 21% from the average daily volume of 252,797 shares. The stock had previously closed at $47.87.

Analyst Ratings Changes

A number of research analysts recently weighed in on MEG shares. JPMorgan Chase & Co. lifted their price objective on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the company an “overweight” rating in a report on Friday, March 1st. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, May 9th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $51.00 target price (up previously from $48.00) on shares of Montrose Environmental Group in a report on Wednesday, April 3rd.

Montrose Environmental Group Trading Down 3.2 %

The company’s 50-day simple moving average is $45.75 and its 200-day simple moving average is $38.56. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.63 and a current ratio of 1.63.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). Montrose Environmental Group had a negative return on equity of 1.78% and a negative net margin of 4.55%. The company had revenue of $155.33 million for the quarter, compared to analysts’ expectations of $152.61 million. On average, research analysts forecast that Montrose Environmental Group, Inc. will post 0.17 EPS for the current year.

Insider Buying and Selling

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 12,500 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $46.51, for a total transaction of $581,375.00. Following the sale, the chief executive officer now directly owns 316,637 shares in the company, valued at approximately $14,726,786.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 11.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. increased its position in Montrose Environmental Group by 453.5% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock worth $53,000 after purchasing an additional 1,111 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of Montrose Environmental Group by 182.2% in the fourth quarter. Global Retirement Partners LLC now owns 3,053 shares of the company’s stock valued at $98,000 after buying an additional 1,971 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in shares of Montrose Environmental Group by 11.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after buying an additional 504 shares during the period. Mainsail Asset Management LLC acquired a new stake in Montrose Environmental Group during the first quarter worth approximately $217,000. Finally, Cladis Investment Advisory LLC purchased a new stake in Montrose Environmental Group in the 4th quarter worth approximately $209,000. 87.87% of the stock is 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.