Montrose Environmental Group Target of Unusually Large Options Trading (NYSE:MEG)

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Montrose Environmental Group, Inc. (NYSE:MEG) was the target of unusually large options trading activity on Thursday. Investors bought 2,640 call options on the stock. This represents an increase of approximately 3,962% compared to the average daily volume of 65 call options.

MEG stock opened at $59.24 on Friday. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $1.75 billion, a PE ratio of -38.72 and a beta of 0.12. Montrose Environmental Group has a 12-month low of $35.56 and a 12-month high of $80.42. The business’s fifty day moving average price is $71.39 and its 200 day moving average price is $59.89.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings data on Tuesday, November 9th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.03). Montrose Environmental Group had a positive return on equity of 7.31% and a negative net margin of 4.51%. The business had revenue of $132.58 million for the quarter, compared to analyst estimates of $120.31 million. Research analysts predict that Montrose Environmental Group will post 0.37 EPS for the current fiscal year.

In related news, Director Richard E. Perlman sold 34,631 shares of Montrose Environmental Group stock in a transaction that occurred on Wednesday, October 20th. The shares were sold at an average price of $62.71, for a total transaction of $2,171,710.01. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard E. Perlman sold 31,702 shares of the business’s stock in a transaction that occurred on Friday, October 15th. The stock was sold at an average price of $62.24, for a total transaction of $1,973,132.48. The disclosure for this sale can be found here. Insiders have sold 234,470 shares of company stock valued at $15,583,698 in the last 90 days. 16.92% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the company. Advisor Group Holdings Inc. grew its holdings in shares of Montrose Environmental Group by 131.5% in the 2nd quarter. Advisor Group Holdings Inc. now owns 8,261 shares of the company’s stock worth $443,000 after acquiring an additional 4,693 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of Montrose Environmental Group by 118.6% during the second quarter. New York State Common Retirement Fund now owns 36,289 shares of the company’s stock worth $1,947,000 after purchasing an additional 19,689 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Montrose Environmental Group by 6.8% during the second quarter. Arizona State Retirement System now owns 5,823 shares of the company’s stock worth $312,000 after purchasing an additional 373 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Montrose Environmental Group by 32.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 75,623 shares of the company’s stock worth $4,058,000 after buying an additional 18,442 shares during the period. Finally, Swiss National Bank raised its position in Montrose Environmental Group by 10.3% in the second quarter. Swiss National Bank now owns 47,200 shares of the company’s stock valued at $2,533,000 after purchasing an additional 4,400 shares during the period. 82.91% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently weighed in on MEG shares. Zacks Investment Research downgraded shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a report on Wednesday. National Bank Financial upped their price objective on shares of Montrose Environmental Group from C$15.00 to C$18.50 in a research report on Thursday. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and set a $80.00 price target on the stock. in a research report on Wednesday, December 8th. Stifel Nicolaus increased their price objective on Montrose Environmental Group from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, October 12th. Finally, Needham & Company LLC raised their price target on Montrose Environmental Group from $68.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, November 11th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $50.42.

Montrose Environmental Group Company Profile

Montrose Environmental Group, Inc operates as an environmental services company in the United States. 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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