Fred Alger Management LLC Has $62.19 Million Stock Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

Fred Alger Management LLC grew its holdings in Montrose Environmental Group, Inc. (NYSE:MEG) by 17.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,395,696 shares of the company’s stock after purchasing an additional 208,785 shares during the period. Fred Alger Management LLC owned approximately 4.10% of Montrose Environmental Group worth $62,192,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MEG. Sei Investments Co. boosted its stake in Montrose Environmental Group by 42.4% in the second quarter. Sei Investments Co. now owns 70,250 shares of the company’s stock valued at $3,130,000 after buying an additional 20,911 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after purchasing an additional 586 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Montrose Environmental Group during the 2nd quarter valued at approximately $386,000. Blair William & Co. IL increased its position in Montrose Environmental Group by 5.1% during the 2nd quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock worth $34,296,000 after purchasing an additional 37,335 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. bought a new position in Montrose Environmental Group in the 2nd quarter valued at approximately $310,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Stock Down 2.9 %

Shares of NYSE MEG opened at $27.95 on Wednesday. The firm has a 50 day moving average price of $31.22 and a two-hundred day moving average price of $39.05. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82. Montrose Environmental Group, Inc. has a 52-week low of $21.96 and a 52-week high of $49.97.

Montrose Environmental Group (NYSE:MEG) last announced its earnings results 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). The company had revenue of $173.33 million for the quarter, compared to the consensus estimate of $174.59 million. Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. Analysts forecast that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MEG. Evercore ISI began coverage on shares of Montrose Environmental Group in a research note on Wednesday, August 14th. They set an “outperform” rating and a $43.00 target price on the stock. 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. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $45.60.

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.