Truist Financial Corp Has $17.69 Million Stock Holdings in Montrose Environmental Group, Inc. $MEG

Key Points

• Truist Financial Corp owns approximately $17.69 million in shares of Montrose Environmental Group, having decreased its stake by 1.2% in the second quarter of 2023.
• Montrose Environmental Group's shares opened at $28.39, with a market capitalization of $1.00 billion and analysts giving it a consensus rating of "Hold" with an average target price of $32.50.
• Several institutional investors have significantly increased their positions in Montrose Environmental Group, with AlphaQuest LLC growing its stake by 569.3% in the first quarter of 2023.

Truist Financial Corp decreased its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 1.2% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 807,927 shares of the company's stock after selling 9,422 shares during the quarter. Truist Financial Corp owned about 2.33% of Montrose Environmental Group worth $17,686,000 as of its most recent filing with the Securities & Exchange Commission.

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

Montrose Environmental Group Trading Up 1.6%

Shares of NYSE:MEG opened at $28.39 on Friday. The stock's 50-day simple moving average is $27.60 and its two-hundred day simple moving average is $21.62. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -18.80, a PEG ratio of 2.78 and a beta of 1.78. Montrose Environmental Group, Inc. has a 52-week low of $10.51 and a 52-week 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.

Wall Street Analysts Forecast Growth

MEG has been the subject of several analyst reports. Wall Street Zen upgraded shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Barclays started coverage on shares of Montrose Environmental Group in a research note on Friday, September 19th. They issued an "overweight" rating and a $35.00 price objective for the company. Needham & Company LLC restated a "buy" rating and issued a $31.00 target price (up previously from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Montrose Environmental Group in a research report on Saturday, September 27th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Montrose Environmental Group currently has a consensus rating of "Hold" and an average target price of $32.50.

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.

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