Fmr LLC Has $9.27 Million Stake in Montrose Environmental Group, Inc. (NYSE:MEG)

Fmr LLC increased its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 11.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 352,264 shares of the company’s stock after buying an additional 35,314 shares during the quarter. Fmr LLC’s holdings in Montrose Environmental Group were worth $9,265,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. raised its position in shares of Montrose Environmental Group by 43.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 1,942 shares of the company’s stock valued at $86,000 after buying an additional 586 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Montrose Environmental Group by 10.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,104 shares of the company’s stock valued at $514,000 after acquiring an additional 1,211 shares during the last quarter. Natixis Advisors LLC raised its position in Montrose Environmental Group by 6.9% during the third quarter. Natixis Advisors LLC now owns 20,879 shares of the company’s stock valued at $549,000 after purchasing an additional 1,351 shares in the last quarter. Wrapmanager Inc. lifted its stake in Montrose Environmental Group by 18.8% during the third quarter. Wrapmanager Inc. now owns 8,955 shares of the company’s stock worth $236,000 after purchasing an additional 1,420 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Montrose Environmental Group by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,123 shares of the company’s stock valued at $540,000 after purchasing an additional 1,695 shares in the last quarter. Institutional investors own 87.87% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on MEG shares. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $52.00 to $29.00 in a research report on Wednesday, November 6th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $29.00 price target (down from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Needham & Company LLC dropped their price objective on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Evercore ISI set a $43.00 target price on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Finally, Stifel Nicolaus dropped their price target on Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and an average target price of $36.60.

Montrose Environmental Group Stock Down 5.2 %

NYSE:MEG opened at $15.61 on Thursday. Montrose Environmental Group, Inc. has a one year low of $15.21 and a one year high of $49.97. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The company has a market cap of $535.42 million, a PE ratio of -10.48 and a beta of 1.72. The firm’s 50 day simple moving average is $21.91 and its 200 day simple moving average is $31.08.

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.