Stephens Investment Management Group LLC lessened its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG – Get Rating) by 1.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 433,447 shares of the company's stock after selling 7,572 shares during the quarter. Stephens Investment Management Group LLC's holdings in Montrose Environmental Group were worth $14,585,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently bought and sold shares of MEG. Capital Research Global Investors increased its position in Montrose Environmental Group by 23.8% during the 1st quarter. Capital Research Global Investors now owns 2,699,774 shares of the company's stock worth $142,899,000 after purchasing an additional 519,892 shares in the last quarter. UBS Asset Management Americas Inc. increased its position in Montrose Environmental Group by 7.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,848,185 shares of the company's stock worth $62,395,000 after purchasing an additional 133,871 shares in the last quarter. Federated Hermes Inc. increased its position in Montrose Environmental Group by 15.0% during the 2nd quarter. Federated Hermes Inc. now owns 837,578 shares of the company's stock worth $28,277,000 after purchasing an additional 109,078 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Montrose Environmental Group by 26.7% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 249,600 shares of the company's stock worth $8,400,000 after purchasing an additional 52,600 shares in the last quarter. Finally, Truist Financial Corp increased its position in Montrose Environmental Group by 2.9% during the 2nd quarter. Truist Financial Corp now owns 1,217,600 shares of the company's stock worth $41,106,000 after purchasing an additional 34,061 shares in the last quarter. Institutional investors and hedge funds own 90.89% of the company's stock.
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Insider Activity
In other news, Director Richard E. Perlman sold 14,253 shares of the stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $52.94, for a total transaction of $754,553.82. Following the completion of the transaction, the director now directly owns 834,291 shares in the company, valued at approximately $44,167,365.54. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Richard E. Perlman sold 14,253 shares of the stock in a transaction that occurred on Friday, January 27th. The stock was sold at an average price of $52.94, for a total transaction of $754,553.82. Following the completion of the transaction, the director now directly owns 834,291 shares in the company, valued at approximately $44,167,365.54. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Richard E. Perlman sold 12,172 shares of the firm's stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $52.53, for a total value of $639,395.16. Following the transaction, the director now owns 948,349 shares in the company, valued at $49,816,772.97. The disclosure for this sale can be found here. In the last three months, insiders sold 81,950 shares of company stock worth $4,320,379. 11.00% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on MEG. Morgan Stanley dropped their target price on shares of Montrose Environmental Group from $51.00 to $47.00 and set an "equal weight" rating for the company in a research report on Wednesday, December 14th. Bank of America upgraded Montrose Environmental Group from a "neutral" rating to a "buy" rating in a report on Monday, December 12th. Finally, Needham & Company LLC upped their price target on Montrose Environmental Group from $48.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, January 16th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $50.67.
Montrose Environmental Group Stock Up 1.6 %
NYSE MEG opened at $52.69 on Friday. The stock has a market cap of $1.57 billion, a PE ratio of -40.22 and a beta of 1.64. Montrose Environmental Group, Inc. has a fifty-two week low of $28.36 and a fifty-two week high of $57.49. The business has a 50 day moving average price of $46.65 and a two-hundred day moving average price of $42.59. The company has a quick ratio of 2.38, a current ratio of 2.38 and a debt-to-equity ratio of 0.52.
Montrose Environmental Group (NYSE:MEG – Get Rating) last released its earnings results on Tuesday, November 8th. The company reported ($0.33) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.13). The business had revenue of $130.31 million for the quarter, compared to analysts' expectations of $141.46 million. Montrose Environmental Group had a negative net margin of 4.10% and a negative return on equity of 6.42%. As a group, sell-side analysts predict that Montrose Environmental Group, Inc. will post -1.33 EPS for the current fiscal year.
Montrose Environmental Group Profile
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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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