Montrose Environmental Group, Inc. $MEG Shares Purchased by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Montrose Environmental Group by 39.6%, now owning 326,969 shares valued at approximately $4.66 million.
• Analysts are optimistic about Montrose Environmental Group, with Needham & Company upgrading their price target to $31.00 and a general rating of "Moderate Buy" from three analysts.
• Montrose Environmental Group's stock has fluctuated significantly, with a one-year range of $10.51 to $32.00, and it currently has a market capitalization of $1.08 billion.

Goldman Sachs Group Inc. raised its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 39.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 326,969 shares of the company's stock after acquiring an additional 92,671 shares during the period. Goldman Sachs Group Inc. owned approximately 0.94% of Montrose Environmental Group worth $4,663,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Rhumbline Advisers grew its stake in shares of Montrose Environmental Group by 4.3% in the 1st quarter. Rhumbline Advisers now owns 45,101 shares of the company's stock valued at $643,000 after buying an additional 1,875 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Montrose Environmental Group by 4.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,378,212 shares of the company's stock valued at $33,913,000 after buying an additional 97,035 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Montrose Environmental Group in the 1st quarter valued at approximately $690,000. Millennium Management LLC grew its stake in shares of Montrose Environmental Group by 4.4% in the 1st quarter. Millennium Management LLC now owns 1,504,541 shares of the company's stock valued at $21,455,000 after buying an additional 62,826 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Montrose Environmental Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company's stock valued at $269,000 after buying an additional 780 shares during the period. Hedge funds and other institutional investors own 87.87% of the company's stock.

Analysts Set New Price Targets

MEG has been the subject of several analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $31.00 price target (up previously from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Wall Street Zen raised shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Barclays started coverage on shares of Montrose Environmental Group in a research report on Friday. They set an "overweight" rating and a $35.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of "Moderate Buy" and a consensus price target of $32.50.

Montrose Environmental Group Stock Down 3.0%

NYSE:MEG traded down $0.88 during midday trading on Friday, reaching $28.55. The company had a trading volume of 917,053 shares, compared to its average volume of 413,034. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -18.91, a PEG ratio of 2.93 and a beta of 1.84. The stock's fifty day simple moving average is $26.50 and its 200-day simple moving average is $20.88. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $32.00. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.60.

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.