Rhumbline Advisers Buys 4,702 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Rhumbline Advisers increased its position in Montrose Environmental Group, Inc. (NYSE:MEG) by 10.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,215 shares of the company’s stock after acquiring an additional 4,702 shares during the quarter. Rhumbline Advisers’ holdings in Montrose Environmental Group were worth $2,148,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MEG. Wisconsin Capital Management LLC purchased a new stake in shares of Montrose Environmental Group in the second quarter worth $2,174,000. Natixis Advisors LLC boosted its holdings in Montrose Environmental Group by 25.2% in the 2nd quarter. Natixis Advisors LLC now owns 19,528 shares of the company’s stock worth $870,000 after buying an additional 3,925 shares during the period. Lisanti Capital Growth LLC increased its stake in Montrose Environmental Group by 23.4% in the 2nd quarter. Lisanti Capital Growth LLC now owns 68,460 shares of the company’s stock worth $3,051,000 after buying an additional 12,960 shares in the last quarter. Van ECK Associates Corp increased its stake in Montrose Environmental Group by 61.2% in the 2nd quarter. Van ECK Associates Corp now owns 63,224 shares of the company’s stock worth $2,817,000 after buying an additional 24,002 shares in the last quarter. Finally, Peregrine Capital Management LLC lifted its position in shares of Montrose Environmental Group by 1.3% in the second quarter. Peregrine Capital Management LLC now owns 226,799 shares of the company’s stock valued at $10,106,000 after acquiring an additional 2,951 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

NYSE:MEG opened at $29.57 on Friday. The business’s 50-day moving average is $32.00 and its 200 day moving average is $39.26. Montrose Environmental Group, Inc. has a 12 month low of $21.96 and a 12 month high of $49.97. The company has a market capitalization of $1.01 billion, a P/E ratio of -19.78 and a beta of 1.88. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.15). Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. The firm had revenue of $173.33 million for the quarter, compared to analysts’ expectations of $174.59 million. On average, equities research analysts forecast that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $54.00 target price 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 objective for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Montrose Environmental Group has an average rating of “Buy” and an average target price of $45.60.

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.