Summit Creek Advisors LLC lowered its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG – Free Report) by 10.4% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 205,977 shares of the company’s stock after selling 23,965 shares during the period. Summit Creek Advisors LLC’s holdings in Montrose Environmental Group were worth $9,178,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. New York State Common Retirement Fund boosted its position in Montrose Environmental Group by 28.1% during the fourth quarter. New York State Common Retirement Fund now owns 51,632 shares of the company’s stock worth $1,659,000 after purchasing an additional 11,339 shares during the period. M&T Bank Corp boosted its position in Montrose Environmental Group by 37.3% during the fourth quarter. M&T Bank Corp now owns 28,040 shares of the company’s stock worth $901,000 after purchasing an additional 7,618 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Montrose Environmental Group by 1.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 216,696 shares of the company’s stock worth $6,962,000 after purchasing an additional 2,649 shares during the period. Wrapmanager Inc. boosted its position in Montrose Environmental Group by 47.0% during the fourth quarter. Wrapmanager Inc. now owns 10,851 shares of the company’s stock worth $349,000 after purchasing an additional 3,469 shares during the period. Finally, Essex Investment Management Co. LLC bought a new position in shares of Montrose Environmental Group in the fourth quarter valued at approximately $2,121,000. Institutional investors own 87.87% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently commented on MEG shares. Evercore ISI started coverage on shares of Montrose Environmental Group in a research report on Wednesday, August 14th. They issued an “outperform” rating and a $43.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, August 8th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, Montrose Environmental Group has a consensus rating of “Buy” and a consensus price target of $45.60.
Montrose Environmental Group Trading Down 5.3 %
Shares of MEG opened at $30.78 on Friday. The firm’s 50 day simple moving average is $34.13 and its 200 day simple moving average is $39.59. The company has a market capitalization of $1.05 billion, a P/E ratio of -20.80 and a beta of 1.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. Montrose Environmental Group, Inc. has a 1-year low of $21.96 and a 1-year high of $49.97.
Montrose Environmental Group (NYSE:MEG – Get Free Report) last announced its earnings results 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). The company had revenue of $173.33 million during the quarter, compared to analysts’ expectations of $174.59 million. Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. Sell-side analysts forecast that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current fiscal year.
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.
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