Granite Investment Partners LLC Cuts Stake in Montrose Environmental Group, Inc. (NYSE:MEG)

Granite Investment Partners LLC decreased its holdings in Montrose Environmental Group, Inc. (NYSE:MEG) by 10.9% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 597,519 shares of the company’s stock after selling 73,415 shares during the period. Montrose Environmental Group makes up about 1.1% of Granite Investment Partners LLC’s holdings, making the stock its 20th biggest holding. Granite Investment Partners LLC owned approximately 1.75% of Montrose Environmental Group worth $26,625,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Conestoga Capital Advisors LLC boosted its stake in shares of Montrose Environmental Group by 1.0% in the 1st quarter. Conestoga Capital Advisors LLC now owns 41,700 shares of the company’s stock valued at $1,633,000 after purchasing an additional 400 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Montrose Environmental Group by 1.0% in the 1st quarter. Sei Investments Co. now owns 49,339 shares of the company’s stock valued at $1,933,000 after purchasing an additional 485 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of Montrose Environmental Group by 11.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock valued at $187,000 after purchasing an additional 504 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. Finally, Price T Rowe Associates Inc. MD raised its holdings in Montrose Environmental Group by 10.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock valued at $514,000 after buying an additional 1,211 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. 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. Needham & Company LLC reiterated a “buy” rating and set a $54.00 price target on shares of Montrose Environmental Group in a report on Thursday, August 8th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $45.60.

Montrose Environmental Group Stock Up 1.6 %

Shares of Montrose Environmental Group stock opened at $29.57 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.82 and a quick ratio of 1.82. The company has a 50-day moving average of $32.00 and a 200 day moving average of $39.26. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -19.98 and a beta of 1.88. Montrose Environmental Group, Inc. has a 1 year low of $21.96 and a 1 year high of $49.97.

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

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.