JPMorgan Chase & Co. Buys 43,739 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

JPMorgan Chase & Co. grew its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 159.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,206 shares of the company’s stock after buying an additional 43,739 shares during the period. JPMorgan Chase & Co.’s holdings in Montrose Environmental Group were worth $1,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Synovus Financial Corp increased its position in Montrose Environmental Group by 327.3% in the third quarter. Synovus Financial Corp now owns 24,388 shares of the company’s stock worth $641,000 after purchasing an additional 18,681 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Montrose Environmental Group in the third quarter worth $295,000. Barclays PLC increased its position in Montrose Environmental Group by 375.0% in the third quarter. Barclays PLC now owns 53,575 shares of the company’s stock worth $1,410,000 after purchasing an additional 42,297 shares during the last quarter. Geode Capital Management LLC increased its position in Montrose Environmental Group by 3.4% in the third quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock worth $18,850,000 after purchasing an additional 23,356 shares during the last quarter. Finally, ABS Direct Equity Fund LLC bought a new position in Montrose Environmental Group during the third quarter valued at $451,000. Institutional investors own 87.87% of the company’s stock.

Wall Street Analyst Weigh In

MEG has been the topic of a number of analyst reports. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC reiterated a “buy” rating and set a $39.00 price objective on shares of Montrose Environmental Group in a research report on Friday, January 17th. Stifel Nicolaus cut their price objective 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. Bank of America lowered shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their target price for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $29.00 target price (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two research 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 presently has a consensus rating of “Moderate Buy” and an average target price of $35.60.

Montrose Environmental Group Stock Down 2.2 %

Shares of MEG opened at $23.47 on Thursday. The firm has a market capitalization of $805.06 million, a P/E ratio of -15.75 and a beta of 1.70. Montrose Environmental Group, Inc. has a 12-month low of $15.21 and a 12-month high of $49.97. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a fifty day moving average price of $18.85 and a 200-day moving average price of $25.61.

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.