Chartwell Investment Partners LLC Raises Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Chartwell Investment Partners LLC grew its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 33.5% in the third quarter, HoldingsChannel reports. The fund owned 23,351 shares of the company’s stock after purchasing an additional 5,861 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Montrose Environmental Group were worth $614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Montrose Environmental Group by 0.6% during the first 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 during the period. Fred Alger Management LLC grew its stake in shares of Montrose Environmental Group by 17.6% during the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock valued at $62,192,000 after acquiring an additional 208,785 shares during the period. Federated Hermes Inc. increased its holdings in 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 acquiring an additional 130,000 shares in the last quarter. Bamco Inc. NY raised its stake in Montrose Environmental Group by 9.8% during the 1st quarter. Bamco Inc. NY now owns 1,154,030 shares of the company’s stock worth $45,203,000 after acquiring an additional 102,536 shares during the period. Finally, Driehaus Capital Management LLC lifted its holdings in 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 currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Needham & Company LLC decreased their price target on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock 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. Finally, Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their target price for the company from $52.00 to $29.00 in a research note 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Stock Up 0.2 %

Shares of MEG stock opened at $22.00 on Thursday. The stock has a market cap of $754.60 million, a P/E ratio of -14.77 and a beta of 1.86. The company’s fifty day simple moving average is $25.83 and its two-hundred day simple moving average is $34.99. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a 52 week low of $19.59 and a 52 week high of $49.97.

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.