Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) - Stock analysts at William Blair raised their Q3 2023 earnings estimates for shares of Montrose Environmental Group in a research note issued on Thursday, August 10th. William Blair analyst T. Mulrooney now expects that the company will earn ($0.21) per share for the quarter, up from their prior estimate of ($0.26). The consensus estimate for Montrose Environmental Group's current full-year earnings is ($1.48) per share. William Blair also issued estimates for Montrose Environmental Group's FY2023 earnings at ($1.46) EPS and FY2024 earnings at ($0.81) EPS.
A number of other research firms have also issued reports on MEG. JPMorgan Chase & Co. upped their target price on shares of Montrose Environmental Group from $40.00 to $46.00 and gave the company a "neutral" rating in a report on Thursday. Needham & Company LLC restated a "buy" rating and issued a $54.00 target price on shares of Montrose Environmental Group in a report on Thursday.
Get Our Latest Stock Analysis on Montrose Environmental Group
Montrose Environmental Group Price Performance
NYSE:MEG opened at $39.07 on Monday. The firm has a market cap of $1.18 billion, a price-to-earnings ratio of -21.23 and a beta of 1.62. The company has a current ratio of 1.61, a quick ratio of 2.26 and a debt-to-equity ratio of 0.53. The company's 50-day moving average is $41.65 and its two-hundred day moving average is $39.75. Montrose Environmental Group has a 12-month low of $28.64 and a 12-month high of $55.00.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the business. Lisanti Capital Growth LLC acquired a new stake in Montrose Environmental Group in the second quarter valued at approximately $3,025,000. Pinebridge Investments L.P. acquired a new stake in Montrose Environmental Group in the second quarter valued at approximately $58,000. Renaissance Technologies LLC grew its position in Montrose Environmental Group by 178.5% in the second quarter. Renaissance Technologies LLC now owns 42,616 shares of the company's stock valued at $1,795,000 after acquiring an additional 27,316 shares in the last quarter. Credit Suisse AG grew its position in Montrose Environmental Group by 76.5% in the second quarter. Credit Suisse AG now owns 49,129 shares of the company's stock valued at $2,069,000 after acquiring an additional 21,286 shares in the last quarter. Finally, BlackRock Inc. grew its position in Montrose Environmental Group by 12.0% in the second quarter. BlackRock Inc. now owns 2,446,774 shares of the company's stock valued at $103,058,000 after acquiring an additional 261,226 shares in the last quarter. Hedge funds and other institutional investors own 92.55% of the company's stock.
Montrose Environmental Group Company Profile
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Montrose Environmental Group, Inc operates as an environmental services company in the United States 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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