Essex Investment Management Co. LLC Boosts Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

Essex Investment Management Co. LLC grew its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 109,226 shares of the company’s stock after acquiring an additional 8,617 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Montrose Environmental Group were worth $2,026,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of MEG. Fred Alger Management LLC increased its position in Montrose Environmental Group by 33.7% during the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock worth $49,086,000 after purchasing an additional 470,706 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Montrose Environmental Group during the 3rd quarter valued at $6,801,000. Bank of New York Mellon Corp increased its holdings in shares of Montrose Environmental Group by 50.6% during the 4th quarter. Bank of New York Mellon Corp now owns 482,165 shares of the company’s stock worth $8,944,000 after buying an additional 161,957 shares during the last quarter. Fisher Asset Management LLC raised its position in shares of Montrose Environmental Group by 62.5% in 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 period. Finally, Royce & Associates LP raised its position in shares of Montrose Environmental Group by 43.3% in the 3rd quarter. Royce & Associates LP now owns 345,069 shares of the company’s stock worth $9,075,000 after buying an additional 104,320 shares during the period. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have commented on MEG. Evercore ISI dropped 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. Needham & Company LLC reiterated a “buy” rating and set a $39.00 target price on shares of Montrose Environmental Group in a report on Tuesday, March 4th. Finally, Stifel Nicolaus cut their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $33.60.

Montrose Environmental Group Trading Down 4.0 %

Shares of MEG opened at $17.23 on Monday. Montrose Environmental Group, Inc. has a 12 month low of $15.21 and a 12 month high of $49.97. The stock’s 50-day moving average is $20.18 and its two-hundred day moving average is $22.46. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market cap of $591.54 million, a PE ratio of -11.56 and a beta of 1.72.

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.