SG Americas Securities LLC bought a new stake in Montrose Environmental Group, Inc. (NYSE:MEG – Get Rating) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 5,793 shares of the company's stock, valued at approximately $195,000.
A number of other hedge funds have also added to or reduced their stakes in MEG. JPMorgan Chase & Co. grew its position in Montrose Environmental Group by 141.2% in the first quarter. JPMorgan Chase & Co. now owns 47,483 shares of the company's stock valued at $2,513,000 after purchasing an additional 27,800 shares in the last quarter. HighTower Advisors LLC bought a new position in Montrose Environmental Group in the first quarter valued at $311,000. Natixis Advisors L.P. bought a new position in Montrose Environmental Group in the first quarter valued at $793,000. MetLife Investment Management LLC grew its position in Montrose Environmental Group by 53.1% in the first quarter. MetLife Investment Management LLC now owns 13,829 shares of the company's stock valued at $732,000 after purchasing an additional 4,796 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Montrose Environmental Group by 9.9% in the first quarter. Rhumbline Advisers now owns 27,040 shares of the company's stock valued at $1,431,000 after purchasing an additional 2,447 shares in the last quarter. Institutional investors own 90.89% of the company's stock.
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Analyst Upgrades and Downgrades
MEG has been the subject of a number of analyst reports. Bank of America raised shares of Montrose Environmental Group from a "neutral" rating to a "buy" rating in a research report on Monday, December 12th. Needham & Company LLC lifted their price objective on shares of Montrose Environmental Group from $48.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, January 16th. Finally, Morgan Stanley decreased their price objective 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. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $50.67.
Montrose Environmental Group Stock Performance
Shares of MEG stock opened at $54.48 on Friday. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -41.59 and a beta of 1.69. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.38 and a current ratio of 2.38. The company has a 50-day simple moving average of $47.40 and a 200 day simple moving average of $43.07. Montrose Environmental Group, Inc. has a 52 week low of $28.36 and a 52 week high of $57.49.
Montrose Environmental Group (NYSE:MEG – Get Rating) last announced 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 company had revenue of $130.31 million for the quarter, compared to the consensus estimate of $141.46 million. Montrose Environmental Group had a negative return on equity of 6.42% and a negative net margin of 4.10%. On average, sell-side analysts predict that Montrose Environmental Group, Inc. will post -1.33 earnings per share for the current year.
Insiders Place Their Bets
In other Montrose Environmental Group news, Director Richard E. Perlman sold 12,172 shares of Montrose Environmental Group stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $52.53, for a total value of $639,395.16. Following the completion of the sale, the director now owns 948,349 shares in the company, valued at approximately $49,816,772.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Montrose Environmental Group news, Director Richard E. Perlman sold 12,172 shares of Montrose Environmental Group stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $52.53, for a total value of $639,395.16. Following the completion of the sale, the director now owns 948,349 shares in the company, valued at approximately $49,816,772.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard E. Perlman sold 31,035 shares of Montrose Environmental Group stock in a transaction dated Monday, January 23rd. The stock was sold at an average price of $52.72, for a total transaction of $1,636,165.20. Following the completion of the sale, the director now owns 870,800 shares of the company's stock, valued at approximately $45,908,576. The disclosure for this sale can be found here. Insiders sold 127,272 shares of company stock worth $6,744,533 in the last quarter. 11.00% of the stock is currently owned by corporate insiders.
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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