ArrowMark Colorado Holdings LLC boosted its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 22.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 263,252 shares of the company's stock after purchasing an additional 47,831 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 0.77% of Montrose Environmental Group worth $6,924,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in MEG. Driehaus Capital Management LLC boosted its holdings in Montrose Environmental Group by 253.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company's stock valued at $51,210,000 after acquiring an additional 823,636 shares during the period. Fred Alger Management LLC raised its stake in shares of Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company's stock valued at $49,086,000 after acquiring an additional 470,706 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Montrose Environmental Group by 271.2% in the second quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company's stock valued at $16,844,000 after purchasing an additional 276,166 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in Montrose Environmental Group during the 3rd quarter worth $6,801,000. Finally, Victory Capital Management Inc. purchased a new stake in Montrose Environmental Group during the 2nd quarter worth about $10,666,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.
Montrose Environmental Group Price Performance
MEG stock traded down $0.20 during trading on Tuesday, hitting $17.77. The stock had a trading volume of 258,368 shares, compared to its average volume of 411,104. The stock has a market cap of $609.51 million, a price-to-earnings ratio of -12.04 and a beta of 1.72. Montrose Environmental Group, Inc. has a 1-year low of $16.06 and a 1-year high of $49.97. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The company's 50 day moving average price is $23.37 and its two-hundred day moving average price is $32.71.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on MEG. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Bank of America lowered Montrose Environmental Group from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Finally, Needham & Company LLC reduced their target price on Montrose Environmental Group from $54.00 to $44.00 and set a "buy" rating for the company in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $39.20.
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About Montrose Environmental Group
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Free Report)
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.
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