Fred Alger Management LLC Sells 22,967 Shares of Montrose Environmental Group, Inc. $MEG

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 cut its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 2.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MEG. Stifel Financial Corp grew its stake in Montrose Environmental Group by 53.2% in the 4th quarter. Stifel Financial Corp now owns 36,029 shares of the company's stock valued at $668,000 after buying an additional 12,508 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Montrose Environmental Group by 23.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 19,127 shares of the company's stock valued at $355,000 after buying an additional 3,591 shares during the last quarter. Northern Trust Corp grew its stake in Montrose Environmental Group by 22.1% in the 4th quarter. Northern Trust Corp now owns 583,522 shares of the company's stock valued at $10,824,000 after buying an additional 105,539 shares during the last quarter. Comerica Bank grew its position in Montrose Environmental Group by 42.1% in the 4th quarter. Comerica Bank now owns 17,270 shares of the company's stock worth $320,000 after purchasing an additional 5,113 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new stake in Montrose Environmental Group in the 4th quarter worth $305,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MEG has been the topic of several research analyst reports. Needham & Company LLC restated a "buy" rating and issued a $31.00 price target (up from $30.00) on shares of Montrose Environmental Group in a research report on Friday, August 8th. Wall Street Zen upgraded shares of 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.com, Montrose Environmental Group has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

Montrose Environmental Group Stock Performance

NYSE MEG traded down $0.28 during midday trading on Friday, hitting $29.72. The company had a trading volume of 392,615 shares, compared to its average volume of 404,955. The firm has a fifty day simple moving average of $25.86 and a two-hundred day simple moving average of $20.54. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of -19.68, a P/E/G ratio of 2.97 and a beta of 1.84. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $32.00. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.60.

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.