Granite Investment Partners LLC Has $1.81 Million Stock Position in Montrose Environmental Group, Inc. $MEG

Granite Investment Partners LLC cut its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 89.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 82,736 shares of the company’s stock after selling 688,312 shares during the period. Granite Investment Partners LLC owned 0.23% of Montrose Environmental Group worth $1,811,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of MEG. Russell Investments Group Ltd. grew its position in shares of Montrose Environmental Group by 21.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 201,171 shares of the company’s stock worth $4,404,000 after buying an additional 35,696 shares during the period. XTX Topco Ltd bought a new position in Montrose Environmental Group in the second quarter valued at approximately $587,000. Rhumbline Advisers grew its holdings in Montrose Environmental Group by 27.9% during the 2nd quarter. Rhumbline Advisers now owns 57,667 shares of the company’s stock worth $1,262,000 after acquiring an additional 12,566 shares during the period. Franklin Resources Inc. bought a new stake in shares of Montrose Environmental Group during the 2nd quarter valued at $502,000. Finally, Legal & General Group Plc raised its position in shares of Montrose Environmental Group by 12.9% during the 2nd quarter. Legal & General Group Plc now owns 904,154 shares of the company’s stock valued at $19,792,000 after acquiring an additional 103,460 shares during the last quarter. Institutional investors own 87.87% of the company’s stock.

Wall Street Analyst Weigh In

MEG has been the subject of a number of analyst reports. Zacks Research cut Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Barclays boosted their target price on Montrose Environmental Group from $35.00 to $36.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on shares of Montrose Environmental Group from $26.00 to $33.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Finally, Needham & Company LLC upped their target price on shares of Montrose Environmental Group from $31.00 to $32.00 and gave the company a “buy” rating in a research note on Thursday, November 6th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $34.40.

Montrose Environmental Group Price Performance

NYSE MEG opened at $24.98 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.66 and a current ratio of 1.66. The stock has a market cap of $882.76 million, a price-to-earnings ratio of -27.45, a PEG ratio of 2.83 and a beta of 1.99. The business has a 50 day simple moving average of $26.64 and a 200 day simple moving average of $25.20. Montrose Environmental Group, Inc. has a 52-week low of $10.51 and a 52-week high of $32.00.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. Montrose Environmental Group had a negative net margin of 2.52% and a positive return on equity of 0.17%. The company had revenue of $224.89 million during the quarter, compared to analysts’ expectations of $201.46 million. Analysts anticipate that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Vijay Manthripragada sold 44,984 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $24.07, for a total transaction of $1,082,764.88. Following the completion of the transaction, the chief executive officer directly owned 316,637 shares in the company, valued at approximately $7,621,452.59. This trade represents a 12.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 11.20% of the stock is owned by corporate insiders.

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.