William Blair Investment Management LLC Buys 414,272 Shares of Montrose Environmental Group, Inc. $MEG

Key Points

• William Blair Investment Management LLC increased its stake in Montrose Environmental Group by 21.8% during Q2, owning approximately 6.69% of the company with a total value of $50.7 million.
• Several other institutional investors have also significantly increased their holdings, indicating strong interest in Montrose Environmental Group among large investors, with 87.87% of shares owned by institutions.
• Analyst ratings for Montrose Environmental Group vary, with a consensus rating of "Hold" and a consensus price target of $33.17, influenced by recent upgrades from firms like Barclays and JPMorgan Chase.

William Blair Investment Management LLC grew its stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 21.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,317,660 shares of the company's stock after purchasing an additional 414,272 shares during the quarter. William Blair Investment Management LLC owned approximately 6.69% of Montrose Environmental Group worth $50,734,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AlphaQuest LLC increased its position in shares of Montrose Environmental Group by 569.3% during the first quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock valued at $58,000 after acquiring an additional 3,484 shares during the last quarter. CWM LLC increased its position in shares of Montrose Environmental Group by 1,015.3% during the second quarter. CWM LLC now owns 4,506 shares of the company's stock valued at $99,000 after acquiring an additional 4,102 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Montrose Environmental Group during the first quarter valued at approximately $79,000. Synovus Financial Corp purchased a new stake in shares of Montrose Environmental Group during the first quarter valued at approximately $174,000. Finally, B. Metzler seel. Sohn & Co. AG increased its position in shares of Montrose Environmental Group by 19.1% during the first quarter. B. Metzler seel. Sohn & Co. AG now owns 13,463 shares of the company's stock valued at $192,000 after acquiring an additional 2,161 shares during the last quarter. Institutional investors own 87.87% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MEG. Barclays began coverage on Montrose Environmental Group in a research report on Friday, September 19th. They set an "overweight" rating and a $35.00 price target for the company. Needham & Company LLC reissued 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. JPMorgan Chase & Co. raised their target price on Montrose Environmental Group from $26.00 to $33.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 14th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Montrose Environmental Group in a research report on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Montrose Environmental Group has a consensus rating of "Hold" and a consensus price target of $33.17.

Montrose Environmental Group Price Performance

Shares of NYSE MEG opened at $27.03 on Friday. The stock has a market cap of $953.82 million, a PE ratio of -17.90, a price-to-earnings-growth ratio of 2.69 and a beta of 1.78. 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 debt-to-equity ratio of 0.60, a quick ratio of 1.78 and a current ratio of 1.78. The stock has a fifty day moving average of $28.74 and a 200-day moving average of $22.63.

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.

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