Montrose Environmental Group, Inc. (NYSE:MEG) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. cut its stake in Montrose Environmental Group, Inc. (NYSE:MEG) by 9.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,603 shares of the company’s stock after selling 7,750 shares during the period. Envestnet Asset Management Inc.’s holdings in Montrose Environmental Group were worth $3,235,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in MEG. Oppenheimer Asset Management Inc. increased its position in shares of Montrose Environmental Group by 17.5% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,766 shares of the company’s stock worth $970,000 after purchasing an additional 3,248 shares during the last quarter. Federated Hermes Inc. raised its stake in Montrose Environmental Group by 11.4% during the second quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after buying an additional 130,000 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Montrose Environmental Group by 7.4% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 505,697 shares of the company’s stock worth $22,981,000 after buying an additional 34,897 shares during the last quarter. Brasada Capital Management LP acquired a new position in shares of Montrose Environmental Group in the 2nd quarter worth approximately $535,000. Finally, Emerald Advisers LLC increased its holdings in shares of Montrose Environmental Group by 2.4% in the 2nd quarter. Emerald Advisers LLC now owns 736,099 shares of the company’s stock valued at $32,801,000 after acquiring an additional 17,481 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Stock Down 0.4 %

Shares of Montrose Environmental Group stock opened at $21.63 on Friday. Montrose Environmental Group, Inc. has a twelve month low of $21.17 and a twelve month high of $49.97. The stock has a market capitalization of $737.17 million, a price-to-earnings ratio of -14.61 and a beta of 1.88. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The business’s 50 day simple moving average is $30.19 and its 200-day simple moving average is $38.47.

Montrose Environmental Group (NYSE:MEG) last issued 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). Montrose Environmental Group had a positive return on equity of 0.22% and a negative net margin of 4.91%. The company had revenue of $173.33 million during the quarter, compared to analyst estimates of $174.59 million. Equities research analysts forecast that Montrose Environmental Group, Inc. will post 0.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MEG shares. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday. 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 target price on the stock. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $45.60.

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.