Bank of New York Mellon Corp Purchases 161,957 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Bank of New York Mellon Corp lifted its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 50.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 482,165 shares of the company's stock after acquiring an additional 161,957 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.41% of Montrose Environmental Group worth $8,944,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. 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 valued at $54,000 after acquiring an additional 1,613 shares in the last quarter. Avanza Fonder AB acquired a new stake in shares of Montrose Environmental Group during the 4th quarter valued at $105,000. Point72 DIFC Ltd acquired a new position in Montrose Environmental Group during the 3rd quarter worth about $111,000. Wrapmanager Inc. lifted its holdings 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. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Montrose Environmental Group during the 3rd quarter worth about $212,000. Institutional investors and hedge funds own 87.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MEG. Evercore ISI cut their target price on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a report on Monday, February 10th. Stifel Nicolaus cut their target price on Montrose Environmental Group from $41.00 to $38.00 and set a "buy" rating on the stock in a report on Wednesday, December 11th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $39.00 target price on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $33.60.

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Montrose Environmental Group Trading Up 0.2 %

Shares of NYSE:MEG traded up $0.03 during midday trading on Friday, reaching $16.90. The company's stock had a trading volume of 422,895 shares, compared to its average volume of 499,426. The firm has a market capitalization of $580.24 million, a price-to-earnings ratio of -11.34 and a beta of 1.72. 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 firm has a 50 day moving average price of $20.01 and a two-hundred day moving average price of $22.06. Montrose Environmental Group, Inc. has a fifty-two week low of $15.21 and a fifty-two week high of $49.97.

About Montrose Environmental Group

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.