Wellington Management Group LLP Acquires New Shares in Montrose Environmental Group, Inc. (NYSE:MEG)

Wellington Management Group LLP bought a new stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 330,727 shares of the company's stock, valued at approximately $6,135,000. Wellington Management Group LLP owned 0.96% of Montrose Environmental Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. William Blair Investment Management LLC grew its stake in Montrose Environmental Group by 175.0% during the fourth quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after buying an additional 934,938 shares in the last quarter. Summit Creek Advisors LLC boosted its position in shares of Montrose Environmental Group by 49.4% during the 4th quarter. Summit Creek Advisors LLC now owns 577,674 shares of the company's stock worth $10,716,000 after acquiring an additional 190,992 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Montrose Environmental Group by 50.6% in the fourth quarter. Bank of New York Mellon Corp now owns 482,165 shares of the company's stock valued at $8,944,000 after acquiring an additional 161,957 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Montrose Environmental Group by 62.5% during the 4th quarter. Fisher Asset Management LLC now owns 280,409 shares of the company's stock worth $5,202,000 after buying an additional 107,880 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Montrose Environmental Group in the fourth quarter valued at about $829,000. Institutional investors and hedge funds own 87.87% of the company's stock.

Montrose Environmental Group Stock Performance

Montrose Environmental Group stock traded up $0.38 during trading on Wednesday, hitting $14.57. The stock had a trading volume of 33,194 shares, compared to its average volume of 530,132. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market cap of $505.02 million, a price-to-earnings ratio of -9.72 and a beta of 1.81. Montrose Environmental Group, Inc. has a 1 year low of $10.51 and a 1 year high of $49.97. The stock's 50 day moving average is $16.26 and its two-hundred day moving average is $19.42.

Wall Street Analyst Weigh In

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

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.