Montrose Environmental Group, Inc. (NYSE:MEG) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its stake in Montrose Environmental Group, Inc. (NYSE:MEG) by 50.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 482,165 shares of the company’s stock after buying an additional 161,957 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.41% of Montrose Environmental Group worth $8,944,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. KBC Group NV lifted its stake in Montrose Environmental Group by 126.5% in the 4th quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after purchasing an additional 1,613 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Montrose Environmental Group in the 3rd quarter worth approximately $111,000. Avanza Fonder AB purchased a new position in Montrose Environmental Group in the 4th quarter worth approximately $105,000. B. Metzler seel. Sohn & Co. Holding AG purchased a new position in Montrose Environmental Group in the 3rd quarter worth approximately $212,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Montrose Environmental Group in the 3rd quarter worth approximately $214,000. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Trading Up 0.2 %

NYSE MEG opened at $16.90 on Friday. The stock has a market capitalization of $580.24 million, a P/E ratio of -11.34 and a beta of 1.72. Montrose Environmental Group, Inc. has a 52-week low of $15.21 and a 52-week high of $49.97. The firm has a 50-day moving average price of $20.01 and a 200 day moving average price of $22.06. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Wall Street Analyst Weigh In

MEG has been the topic of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $39.00 price target on shares of Montrose Environmental Group in a research report on Tuesday, March 4th. Evercore ISI reduced their price target on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report on Monday, February 10th. Finally, Stifel Nicolaus reduced their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $33.60.

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.