Federated Hermes Inc. Sells 1,022,500 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Federated Hermes Inc. trimmed its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 98.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,000 shares of the company's stock after selling 1,022,500 shares during the quarter. Federated Hermes Inc.'s holdings in Montrose Environmental Group were worth $297,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. KBC Group NV increased its position in Montrose Environmental Group by 126.5% during the 4th quarter. KBC Group NV now owns 2,888 shares of the company's stock valued at $54,000 after purchasing an additional 1,613 shares during the period. Avanza Fonder AB bought a new stake in shares of Montrose Environmental Group during the 4th quarter valued at about $105,000. PNC Financial Services Group Inc. increased its position in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock valued at $118,000 after buying an additional 1,898 shares during the period. KLP Kapitalforvaltning AS bought a new position in Montrose Environmental Group in the fourth quarter worth about $130,000. Finally, Wrapmanager Inc. lifted its holdings in Montrose Environmental Group by 12.8% in the fourth quarter. Wrapmanager Inc. now owns 10,105 shares of the company's stock worth $187,000 after buying an additional 1,150 shares during the period. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Stock Up 3.2 %

NYSE:MEG traded up $0.46 during trading hours on Wednesday, reaching $14.90. 40,049 shares of the company traded hands, compared to its average volume of 541,621. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The business's 50-day moving average price is $15.73 and its two-hundred day moving average price is $19.12. Montrose Environmental Group, Inc. has a 1 year low of $10.51 and a 1 year high of $49.97. The stock has a market capitalization of $516.49 million, a P/E ratio of -10.00 and a beta of 1.81.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MEG shares. Needham & Company LLC decreased their target price on Montrose Environmental Group from $39.00 to $28.00 and set a "buy" rating for the company in a research report on Friday, April 4th. Evercore ISI decreased their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a report on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.40.

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.