Montrose Environmental Group, Inc. $MEG Stock Holdings Trimmed by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC reduced its stake in Montrose Environmental Group by 2.3%, now holding 990,929 shares valued at approximately $14.1 million.
• Montrose Environmental Group's stock is down 4.4% and currently trades at $29.06, with a market capitalization of $1.03 billion.
• Analyst ratings on MEG suggest a Moderate Buy with an average price target of $32.00, following upgrades by several firms.

Fred Alger Management LLC lessened its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 990,929 shares of the company's stock after selling 22,967 shares during the quarter. Fred Alger Management LLC owned approximately 2.86% of Montrose Environmental Group worth $14,131,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. AlphaQuest LLC lifted its stake in shares of Montrose Environmental Group by 569.3% during the 1st quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock worth $58,000 after purchasing an additional 3,484 shares during the period. Brooklyn Investment Group purchased a new position in shares of Montrose Environmental Group in the 1st quarter worth $79,000. Radnor Capital Management LLC purchased a new position in shares of Montrose Environmental Group in the 1st quarter worth $147,000. Synovus Financial Corp purchased a new position in shares of Montrose Environmental Group in the 1st quarter worth $174,000. Finally, B. Metzler seel. Sohn & Co. AG raised its position in shares of Montrose Environmental Group by 19.1% in the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 13,463 shares of the company's stock worth $192,000 after buying an additional 2,161 shares during the period. Hedge funds and other institutional investors own 87.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MEG shares. Needham & Company LLC reaffirmed 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 raised Montrose Environmental Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Montrose Environmental Group currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Montrose Environmental Group Stock Up 3.4%

Shares of NYSE MEG traded up $0.98 during midday trading on Thursday, reaching $30.00. 552,292 shares of the company's stock were exchanged, compared to its average volume of 414,998. Montrose Environmental Group, Inc. has a 52-week low of $10.51 and a 52-week high of $32.00. The stock has a market capitalization of $1.06 billion, a PE ratio of -19.87, a price-to-earnings-growth ratio of 2.89 and a beta of 1.84. 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 business's fifty day moving average price is $25.71 and its two-hundred day moving average price is $20.45.

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.