Van ECK Associates Corp Has $1.67 Million Stake in Montrose Environmental Group, Inc. (NYSE:MEG)

Van ECK Associates Corp decreased its stake in Montrose Environmental Group, Inc. (NYSE:MEG) by 12.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 89,847 shares of the company’s stock after selling 12,456 shares during the period. Van ECK Associates Corp owned 0.26% of Montrose Environmental Group worth $1,667,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of MEG. KBC Group NV boosted its holdings in shares of Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after acquiring an additional 1,613 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Montrose Environmental Group during the third quarter worth $111,000. Avanza Fonder AB bought a new stake in shares of Montrose Environmental Group during the fourth quarter worth $105,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Montrose Environmental Group during the third quarter worth $212,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of Montrose Environmental Group in the third quarter worth $214,000. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Stock Performance

NYSE MEG opened at $17.72 on Friday. Montrose Environmental Group, Inc. has a 52-week low of $15.21 and a 52-week high of $49.97. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The company has a market capitalization of $607.80 million, a P/E ratio of -11.89 and a beta of 1.71. The company has a fifty day moving average of $19.84 and a 200-day moving average of $23.52.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MEG. Bank of America cut shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Needham & Company LLC restated a “buy” rating and issued a $39.00 target price on shares of Montrose Environmental Group in a report on Tuesday, January 28th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a report on Friday, November 8th. Evercore ISI decreased their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, February 10th. Finally, Stifel Nicolaus reduced their target price on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research report on Wednesday, December 11th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

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.