Naviter Wealth LLC Decreases Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Naviter Wealth LLC lessened its holdings in Montrose Environmental Group, Inc. (NYSE:MEG) by 5.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,843 shares of the company’s stock after selling 1,355 shares during the period. Naviter Wealth LLC owned 0.08% of Montrose Environmental Group worth $934,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in Montrose Environmental Group by 8.2% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,805 shares of the company’s stock valued at $411,000 after acquiring an additional 972 shares during the last quarter. Global Retirement Partners LLC boosted its stake in Montrose Environmental Group by 182.2% in the 4th quarter. Global Retirement Partners LLC now owns 3,053 shares of the company’s stock worth $98,000 after buying an additional 1,971 shares during the last quarter. Diversified Trust Co grew its holdings in Montrose Environmental Group by 25.0% in the 1st quarter. Diversified Trust Co now owns 11,500 shares of the company’s stock valued at $450,000 after buying an additional 2,300 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Montrose Environmental Group by 1.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 216,696 shares of the company’s stock valued at $6,962,000 after acquiring an additional 2,649 shares during the last quarter. Finally, Wrapmanager Inc. lifted its holdings in shares of Montrose Environmental Group by 47.0% during the 4th quarter. Wrapmanager Inc. now owns 10,851 shares of the company’s stock worth $349,000 after acquiring an additional 3,469 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MEG shares. Stifel Nicolaus reaffirmed a “buy” rating and set a $51.00 price target (up previously from $48.00) on shares of Montrose Environmental Group in a research report on Wednesday, April 3rd. Needham & Company LLC reissued a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, May 9th.

Montrose Environmental Group Stock Performance

NYSE:MEG opened at $40.71 on Wednesday. The firm’s fifty day simple moving average is $45.80 and its 200 day simple moving average is $38.80. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.63 and a current ratio of 1.63. Montrose Environmental Group, Inc. has a twelve month low of $21.96 and a twelve month high of $49.97.

Montrose Environmental Group (NYSE:MEG) last posted its earnings results on Tuesday, May 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.01). The company had revenue of $155.33 million during the quarter, compared to analyst estimates of $152.61 million. Montrose Environmental Group had a negative net margin of 4.55% and a negative return on equity of 1.78%. As a group, research analysts expect that Montrose Environmental Group, Inc. will post 0.17 earnings per share for the current year.

Insider Activity

In other news, CEO Vijay Manthripragada sold 12,500 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $46.51, for a total value of $581,375.00. Following the completion of the transaction, the chief executive officer now directly owns 316,637 shares in the company, valued at $14,726,786.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.90% of the company’s stock.

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.