Harbor Capital Advisors Inc. Buys 70,175 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Harbor Capital Advisors Inc. boosted its stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 285.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 94,753 shares of the company's stock after purchasing an additional 70,175 shares during the period. Harbor Capital Advisors Inc. owned about 0.28% of Montrose Environmental Group worth $2,492,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC grew its stake in Montrose Environmental Group by 253.0% in 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 last quarter. Bank of New York Mellon Corp grew its position 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 acquiring an additional 276,166 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in shares of Montrose Environmental Group during the second quarter worth approximately $10,666,000. Fred Alger Management LLC grew its position in shares of Montrose Environmental Group by 17.6% during the second quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company's stock worth $62,192,000 after buying an additional 208,785 shares in the last quarter. Finally, Blair William & Co. IL lifted its stake in Montrose Environmental Group by 30.4% during the first quarter. Blair William & Co. IL now owns 732,318 shares of the company's stock worth $28,685,000 after purchasing an additional 170,924 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company's stock.

Montrose Environmental Group Stock Performance

NYSE:MEG traded up $0.49 during mid-day trading on Tuesday, hitting $26.70. 383,233 shares of the stock were exchanged, compared to its average volume of 377,952. The firm's 50-day simple moving average is $27.15 and its 200 day simple moving average is $35.84. Montrose Environmental Group, Inc. has a fifty-two week low of $19.59 and a fifty-two week high of $49.97. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82. The stock has a market capitalization of $913.94 million, a price-to-earnings ratio of -17.92 and a beta of 1.86.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing analysts' consensus estimates of $0.03 by ($0.15). Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. The firm had revenue of $173.33 million for the quarter, compared to the consensus estimate of $174.59 million. As a group, equities analysts anticipate that Montrose Environmental Group, Inc. will post 0.19 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Needham & Company LLC reiterated a "buy" rating and issued a $54.00 target price on shares of Montrose Environmental Group in a research note on Wednesday, October 16th. Evercore ISI set a $43.00 price target on Montrose Environmental Group in a research note on Thursday, October 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $45.60.

Montrose Environmental Group 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.