Victory Capital Management Inc. Makes New Investment in Montrose Environmental Group, Inc. (NYSE:MEG)

Victory Capital Management Inc. bought a new position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 239,354 shares of the company’s stock, valued at approximately $10,666,000. Victory Capital Management Inc. owned approximately 0.70% of Montrose Environmental Group as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MEG. Benjamin F. Edwards & Company Inc. grew its position in shares of Montrose Environmental Group by 453.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock valued at $53,000 after purchasing an additional 1,111 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in Montrose Environmental Group by 11.8% during the first quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after buying an additional 504 shares during the last quarter. Cladis Investment Advisory LLC purchased a new stake in Montrose Environmental Group in the 4th quarter valued at $209,000. Mainsail Asset Management LLC acquired a new stake in shares of Montrose Environmental Group in the 1st quarter worth $217,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Montrose Environmental Group during the 1st quarter worth $271,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MEG shares. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, August 8th. Evercore ISI assumed coverage on shares of Montrose Environmental Group in a report on Wednesday, August 14th. They set an “outperform” rating and a $43.00 price target for the company. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $45.60.

Montrose Environmental Group Stock Up 4.1 %

Shares of MEG opened at $29.16 on Friday. The company’s 50-day moving average price is $32.53 and its 200 day moving average price is $39.43. Montrose Environmental Group, Inc. has a 12-month low of $21.96 and a 12-month high of $49.97. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The firm has a market cap of $998.15 million, a P/E ratio of -19.70 and a beta of 1.88.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share (EPS) 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%. On average, sell-side analysts forecast that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current year.

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.