Millennium Management LLC Has $21.46 Million Stake in Montrose Environmental Group, Inc. $MEG

Key Points

• Millennium Management LLC increased its ownership of Montrose Environmental Group, purchasing 62,826 additional shares, raising its stake by 4.4% to approximately 4.34% of the company.
• Equity analysts have generally rated Montrose Environmental Group positively, with an average price target of $32.00 and a "Moderate Buy" rating according to data from MarketBeat.
• Montrose Environmental Group's stock is trading at $29.72, down 0.9%, with a 12-month price range between $10.51 and $32.00.

Millennium Management LLC increased its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 4.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,504,541 shares of the company's stock after buying an additional 62,826 shares during the quarter. Millennium Management LLC owned about 4.34% of Montrose Environmental Group worth $21,455,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Bank of America Corp DE lifted its position in Montrose Environmental Group by 42.2% in the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock worth $33,743,000 after purchasing an additional 539,779 shares during the period. Royce & Associates LP lifted its position in Montrose Environmental Group by 167.5% in the first quarter. Royce & Associates LP now owns 852,849 shares of the company's stock worth $12,162,000 after purchasing an additional 533,986 shares during the period. Nuveen LLC acquired a new stake in Montrose Environmental Group in the first quarter worth approximately $6,886,000. Wellington Management Group LLP acquired a new stake in Montrose Environmental Group in the fourth quarter worth approximately $6,135,000. Finally, Janus Henderson Group PLC lifted its position in Montrose Environmental Group by 40.5% in the fourth quarter. Janus Henderson Group PLC now owns 681,067 shares of the company's stock worth $12,634,000 after purchasing an additional 196,262 shares during the period. 87.87% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Needham & Company LLC restated a "buy" rating and issued a $31.00 target price (up from $30.00) on shares of Montrose Environmental Group in a research report on Friday, August 8th. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Montrose Environmental Group presently has an average rating of "Moderate Buy" and an average price target of $32.00.

Montrose Environmental Group Stock Up 0.4%

Shares of NYSE MEG traded up $0.12 during mid-day trading on Thursday, reaching $29.45. The company had a trading volume of 508,832 shares, compared to its average volume of 401,212. Montrose Environmental Group, Inc. has a twelve month low of $10.51 and a twelve month high of $32.00. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.78 and a current ratio of 1.78. The stock has a market capitalization of $1.04 billion, a PE ratio of -19.50, a price-to-earnings-growth ratio of 2.92 and a beta of 1.84. The stock's 50 day moving average is $26.39 and its 200-day moving average is $20.81.

Montrose Environmental Group 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.