Allspring Global Investments Holdings LLC Makes New $10.14 Million Investment in Montrose Environmental Group, Inc. $MEG

Key Points

• Allspring Global Investments Holdings LLC opened a new position in Montrose Environmental Group, buying 408,364 shares worth approximately $10.14 million, equal to about 1.16% ownership.
• Montrose beat Q4 expectations with EPS of $0.35 versus $0.24 estimated and revenue of $193.27 million (vs. $186.24M est.), with quarterly revenue up 2.2% year-over-year.
• Insiders sold 107,527 shares over the last quarter—including CEO Vijay Manthripragada's sale of 46,121 shares—while institutional investors hold roughly 87.87% of the stock.

Allspring Global Investments Holdings LLC bought a new stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 408,364 shares of the company's stock, valued at approximately $10,140,000. Allspring Global Investments Holdings LLC owned approximately 1.16% of Montrose Environmental Group at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its position in shares of Montrose Environmental Group by 4.3% during the second quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company's stock worth $261,000 after acquiring an additional 488 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in Montrose Environmental Group by 2.3% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company's stock worth $497,000 after purchasing an additional 515 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Montrose Environmental Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company's stock worth $269,000 after purchasing an additional 780 shares in the last quarter. ArrowMark Colorado Holdings LLC raised its stake in shares of Montrose Environmental Group by 0.3% in the third quarter. ArrowMark Colorado Holdings LLC now owns 277,430 shares of the company's stock worth $7,618,000 after purchasing an additional 786 shares during the last quarter. Finally, Natixis Advisors LLC raised its stake in shares of Montrose Environmental Group by 4.3% in the third quarter. Natixis Advisors LLC now owns 26,962 shares of the company's stock worth $740,000 after purchasing an additional 1,120 shares during the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.

Montrose Environmental Group Stock Performance

NYSE MEG opened at $22.82 on Monday. Montrose Environmental Group, Inc. has a 1 year low of $10.51 and a 1 year high of $32.00. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market capitalization of $825.40 million, a PE ratio of -95.08, a P/E/G ratio of 1.85 and a beta of 2.00. The company's 50 day simple moving average is $23.76 and its two-hundred day simple moving average is $25.32.

Montrose Environmental Group (NYSE:MEG - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. Montrose Environmental Group had a positive return on equity of 4.47% and a negative net margin of 0.10%.The business had revenue of $193.27 million for the quarter, compared to analyst estimates of $186.24 million. During the same period in the prior year, the company earned ($0.90) EPS. The company's quarterly revenue was up 2.2% compared to the same quarter last year. Analysts predict that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wall Street Zen downgraded shares of Montrose Environmental Group from a "buy" rating to a "hold" rating in a report on Saturday, January 17th. Needham & Company LLC boosted their price target on shares of Montrose Environmental Group from $32.00 to $35.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $34.67.

Insider Buying and Selling

In other news, CEO Vijay Manthripragada sold 46,121 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $25.41, for a total transaction of $1,171,934.61. Following the completion of the sale, the chief executive officer owned 236,788 shares of the company's stock, valued at approximately $6,016,783.08. This represents a 16.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director J Thomas Presby sold 10,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $28.87, for a total transaction of $288,700.00. Following the sale, the director owned 62,614 shares of the company's stock, valued at approximately $1,807,666.18. This represents a 13.77% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 107,527 shares of company stock valued at $2,908,583. 11.90% of the stock is owned by insiders.

Montrose Environmental Group Profile

Montrose Environmental Group NYSE: MEG is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose's core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.

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