Granite Investment Partners LLC Raises Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Granite Investment Partners LLC grew its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 61.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 846,834 shares of the company's stock after buying an additional 323,868 shares during the period. Granite Investment Partners LLC owned 2.47% of Montrose Environmental Group worth $15,709,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MEG. KBC Group NV boosted its holdings in shares of Montrose Environmental Group by 126.5% during the 4th quarter. KBC Group NV now owns 2,888 shares of the company's stock worth $54,000 after buying an additional 1,613 shares during the period. Avanza Fonder AB acquired a new position in shares of Montrose Environmental Group in the fourth quarter valued at approximately $105,000. PNC Financial Services Group Inc. increased its stake in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock worth $118,000 after purchasing an additional 1,898 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Montrose Environmental Group in the 4th quarter valued at $130,000. Finally, Wrapmanager Inc. increased its position in Montrose Environmental Group by 12.8% during the 4th quarter. Wrapmanager Inc. now owns 10,105 shares of the company's stock worth $187,000 after buying an additional 1,150 shares during the period. 87.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MEG shares. Needham & Company LLC lowered their price target on shares of Montrose Environmental Group from $39.00 to $28.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. Evercore ISI cut their price target on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a research note on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $31.40.

Montrose Environmental Group Price Performance

Shares of NYSE MEG traded up $0.29 during trading hours on Friday, hitting $14.55. 357,508 shares of the stock were exchanged, compared to its average volume of 532,621. The company's fifty day simple moving average is $15.99 and its two-hundred day simple moving average is $19.30. The company has a market cap of $504.19 million, a PE ratio of -9.76 and a beta of 1.81. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $49.97.

Montrose Environmental Group Company Profile

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.