Driehaus Capital Management LLC Acquires 823,636 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Driehaus Capital Management LLC grew its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 253.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,149,227 shares of the company’s stock after purchasing an additional 823,636 shares during the period. Driehaus Capital Management LLC owned about 3.37% of Montrose Environmental Group worth $51,210,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in MEG. The Manufacturers Life Insurance Company raised its holdings in Montrose Environmental Group by 16.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock worth $540,000 after purchasing an additional 1,695 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Montrose Environmental Group by 969.4% in the 2nd quarter. Millennium Management LLC now owns 86,287 shares of the company’s stock worth $3,845,000 after buying an additional 78,218 shares during the last quarter. Squarepoint Ops LLC bought a new position in Montrose Environmental Group in the 2nd quarter valued at $2,544,000. Fred Alger Management LLC raised its position in Montrose Environmental Group by 17.6% in the second quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock worth $62,192,000 after acquiring an additional 208,785 shares during the period. Finally, Sei Investments Co. raised its holdings in shares of Montrose Environmental Group by 42.4% in the 2nd quarter. Sei Investments Co. now owns 70,250 shares of the company’s stock worth $3,130,000 after purchasing an additional 20,911 shares during the period. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Price Performance

NYSE:MEG opened at $27.29 on Friday. 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, Inc. has a 12 month low of $21.96 and a 12 month high of $49.97. The business’s 50-day moving average is $30.67 and its 200 day moving average is $38.79. The company has a market capitalization of $930.07 million, a P/E ratio of -18.44 and a beta of 1.88.

Montrose Environmental Group (NYSE:MEG) last released its earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.15). The business 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%. 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

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

Montrose Environmental Group 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.