Montrose Environmental Group, Inc. (NYSE:MEG) Shares Bought by Wrapmanager Inc.

Wrapmanager Inc. grew its position in Montrose Environmental Group, Inc. (NYSE:MEG) by 47.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,851 shares of the company’s stock after purchasing an additional 3,469 shares during the quarter. Wrapmanager Inc.’s holdings in Montrose Environmental Group were worth $349,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Global Retirement Partners LLC increased its stake in Montrose Environmental Group by 182.2% in the fourth quarter. Global Retirement Partners LLC now owns 3,053 shares of the company’s stock valued at $98,000 after purchasing an additional 1,971 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Montrose Environmental Group in the third quarter valued at $109,000. Versor Investments LP acquired a new position in Montrose Environmental Group in the third quarter valued at $214,000. Jump Financial LLC purchased a new position in shares of Montrose Environmental Group during the third quarter worth about $280,000. Finally, Graham Capital Management L.P. increased its position in shares of Montrose Environmental Group by 118.8% during the third quarter. Graham Capital Management L.P. now owns 10,863 shares of the company’s stock worth $318,000 after purchasing an additional 5,898 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Stock Performance

Shares of NYSE MEG traded down $0.22 during mid-day trading on Thursday, hitting $43.05. 405,178 shares of the company were exchanged, compared to its average volume of 259,413. The company has a quick ratio of 1.59, a current ratio of 1.59 and a debt-to-equity ratio of 0.50. The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -27.25 and a beta of 1.91. The stock has a 50 day simple moving average of $41.01 and a 200-day simple moving average of $33.89. Montrose Environmental Group, Inc. has a 1-year low of $21.96 and a 1-year high of $47.94.

Montrose Environmental Group (NYSE:MEG) last released its earnings results on Thursday, February 29th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.08. Montrose Environmental Group had a negative net margin of 4.94% and a negative return on equity of 5.64%. The company had revenue of $165.74 million during the quarter, compared to analysts’ expectations of $157.31 million. On average, sell-side analysts forecast that Montrose Environmental Group, Inc. will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Montrose Environmental Group

In other news, CEO Vijay Manthripragada sold 12,500 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $46.51, for a total value of $581,375.00. Following the completion of the sale, the chief executive officer now directly owns 316,637 shares of the company’s stock, valued at approximately $14,726,786.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 11.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a report on Thursday. Stifel Nicolaus reiterated a “buy” rating and set a $51.00 price target (up previously from $48.00) on shares of Montrose Environmental Group in a research note on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Montrose Environmental Group from $41.00 to $47.00 and gave the company an “overweight” rating in a research note on Friday, March 1st.

Montrose Environmental Group Company 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.