Lord Abbett & CO. LLC grew its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 27.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 383,880 shares of the company’s stock after buying an additional 82,758 shares during the quarter. Lord Abbett & CO. LLC owned about 1.47% of Montrose Environmental Group worth $23,701,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. State Street Corp raised its stake in shares of Montrose Environmental Group by 14.7% in the 2nd quarter. State Street Corp now owns 377,118 shares of the company’s stock worth $20,236,000 after buying an additional 48,471 shares in the last quarter. Credit Suisse AG grew its holdings in Montrose Environmental Group by 24.5% during the second quarter. Credit Suisse AG now owns 15,392 shares of the company’s stock worth $789,000 after acquiring an additional 3,029 shares during the period. Invesco Ltd. raised its position in Montrose Environmental Group by 1,477.3% in the second quarter. Invesco Ltd. now owns 65,898 shares of the company’s stock worth $3,536,000 after acquiring an additional 61,720 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Montrose Environmental Group by 6.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 12,465 shares of the company’s stock valued at $669,000 after acquiring an additional 718 shares during the last quarter. Finally, Lisanti Capital Growth LLC lifted its holdings in Montrose Environmental Group by 14.9% in the 2nd quarter. Lisanti Capital Growth LLC now owns 168,789 shares of the company’s stock valued at $9,057,000 after acquiring an additional 21,920 shares during the last quarter. 92.59% of the stock is owned by institutional investors.
Shares of NYSE MEG opened at $54.25 on Friday. The business has a 50 day simple moving average of $70.06 and a 200 day simple moving average of $60.18. Montrose Environmental Group, Inc. has a 52 week low of $35.56 and a 52 week high of $80.42. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.21 and a quick ratio of 1.21.
In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 1,913 shares of the firm’s stock in a transaction that occurred on Thursday, October 28th. The stock was sold at an average price of $67.51, for a total value of $129,146.63. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Janet Risi Field purchased 7,275 shares of the company’s stock in a transaction on Monday, December 13th. The stock was acquired at an average cost of $68.71 per share, for a total transaction of $499,865.25. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 202,768 shares of company stock valued at $13,610,565. Corporate insiders own 16.92% of the company’s stock.
Several research firms have issued reports on MEG. The Goldman Sachs Group upped their price target on Montrose Environmental Group from $10.00 to $11.00 and gave the company a “neutral” rating in a report on Tuesday, September 28th. Needham & Company LLC upped their target price on Montrose Environmental Group from $68.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, November 11th. National Bank Financial lifted their price target on Montrose Environmental Group from C$15.00 to C$18.50 in a research note on Thursday, January 6th. Zacks Investment Research lowered shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 5th. Finally, Stifel Nicolaus lifted their target price on shares of Montrose Environmental Group from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, October 12th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $56.06.
Montrose Environmental Group Profile
Montrose Environmental Group, Inc operates as an environmental services company in the United States. 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.
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