Van ECK Associates Corp Acquires 39,079 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Van ECK Associates Corp boosted its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 61.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,303 shares of the company's stock after purchasing an additional 39,079 shares during the quarter. Van ECK Associates Corp owned approximately 0.30% of Montrose Environmental Group worth $2,757,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MEG. Harbor Capital Advisors Inc. increased its stake in shares of Montrose Environmental Group by 285.5% during the third quarter. Harbor Capital Advisors Inc. now owns 94,753 shares of the company's stock valued at $2,492,000 after purchasing an additional 70,175 shares in the last quarter. Conestoga Capital Advisors LLC increased its position in Montrose Environmental Group by 26.8% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 52,695 shares of the company's stock valued at $1,386,000 after buying an additional 11,145 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in Montrose Environmental Group during the third quarter valued at $1,332,000. Net Worth Advisory Group bought a new stake in Montrose Environmental Group in the third quarter worth $213,000. Finally, Procyon Advisors LLC increased its holdings in shares of Montrose Environmental Group by 96.5% during the third quarter. Procyon Advisors LLC now owns 12,440 shares of the company's stock valued at $327,000 after acquiring an additional 6,109 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Needham & Company LLC dropped their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a "buy" rating on the stock in a research note on Friday. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a report on Thursday, October 17th. Finally, Bank of America lowered Montrose Environmental Group from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average target price of $39.20.

Montrose Environmental Group Stock Performance

MEG stock traded up $1.26 on Monday, hitting $21.77. The company had a trading volume of 606,521 shares, compared to its average volume of 389,467. The stock has a market cap of $745.19 million, a price-to-earnings ratio of -13.77 and a beta of 1.86. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The stock's 50-day simple moving average is $26.45 and its 200 day simple moving average is $35.37. Montrose Environmental Group, Inc. has a 12-month low of $19.59 and a 12-month 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.