ArrowMark Colorado Holdings LLC Grows Stock Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

ArrowMark Colorado Holdings LLC grew its stake in Montrose Environmental Group, Inc. (NYSE:MEG) by 22.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 263,252 shares of the company’s stock after acquiring an additional 47,831 shares during the period. ArrowMark Colorado Holdings LLC owned 0.77% of Montrose Environmental Group worth $6,924,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MEG. Fred Alger Management LLC raised its holdings in shares of Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after acquiring an additional 470,706 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Montrose Environmental Group by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock valued at $60,502,000 after purchasing an additional 9,913 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Montrose Environmental Group by 11.4% in the 2nd quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock worth $56,613,000 after purchasing an additional 130,000 shares during the period. Bamco Inc. NY lifted its position in shares of Montrose Environmental Group by 7.4% in the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares during the period. Finally, Driehaus Capital Management LLC boosted its stake in shares of Montrose Environmental Group by 253.0% during the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after purchasing an additional 823,636 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MEG shares. JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Evercore ISI set a $43.00 price objective on Montrose Environmental Group in a research note on Thursday, October 17th. Needham & Company LLC dropped their price objective on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Finally, Bank of America downgraded shares of 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 investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $39.20.

Montrose Environmental Group Stock Performance

Shares of MEG opened at $17.94 on Tuesday. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a market cap of $615.34 million, a PE ratio of -12.04 and a beta of 1.72. Montrose Environmental Group, Inc. has a 12 month low of $16.06 and a 12 month high of $49.97. The stock has a fifty day moving average price of $23.37 and a 200-day moving average price of $32.71.

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.