Montrose Environmental Group, Inc. (NYSE:MEG) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lowered its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 4.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,064 shares of the company’s stock after selling 3,983 shares during the quarter. Van ECK Associates Corp owned about 0.27% of Montrose Environmental Group worth $2,637,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Montrose Environmental Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 1,500,617 shares of the company’s stock valued at $43,908,000 after purchasing an additional 13,721 shares during the period. Federated Hermes Inc. grew its holdings in Montrose Environmental Group by 1.6% in the third quarter. Federated Hermes Inc. now owns 1,260,500 shares of the company’s stock valued at $36,882,000 after purchasing an additional 20,000 shares during the period. Emerald Mutual Fund Advisers Trust grew its stake in Montrose Environmental Group by 51.4% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 635,695 shares of the company’s stock worth $18,600,000 after buying an additional 215,883 shares during the period. William Blair Investment Management LLC grew its stake in Montrose Environmental Group by 2.9% during the third quarter. William Blair Investment Management LLC now owns 501,633 shares of the company’s stock worth $14,678,000 after buying an additional 14,178 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in Montrose Environmental Group by 42.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 470,800 shares of the company’s stock worth $13,557,000 after buying an additional 140,000 shares during the period. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MEG has been the subject of several research reports. JPMorgan Chase & Co. boosted their price objective on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the stock an “overweight” rating in a research note on Friday, March 1st. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, April 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $51.00 price objective (up from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd.

Montrose Environmental Group Trading Up 0.9 %

NYSE MEG opened at $47.57 on Wednesday. The company’s fifty day simple moving average is $40.52 and its 200-day simple moving average is $33.67. Montrose Environmental Group, Inc. has a 52 week low of $21.96 and a 52 week high of $47.94. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.50. The stock has a market cap of $1.46 billion, a P/E ratio of -30.11 and a beta of 1.91.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.08. The firm had revenue of $165.74 million for the quarter, compared to analysts’ expectations of $157.31 million. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. Equities research analysts predict that Montrose Environmental Group, Inc. will post -0.18 EPS 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.