Point72 DIFC Ltd acquired a new position in Montrose Environmental Group, Inc. (NYSE:MEG – Free Report) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 4,207 shares of the company’s stock, valued at approximately $111,000.
Other large investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new position in Montrose Environmental Group during the third quarter worth about $835,000. ArrowMark Colorado Holdings LLC raised its position in shares of Montrose Environmental Group by 22.2% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 263,252 shares of the company’s stock worth $6,924,000 after purchasing an additional 47,831 shares during the last quarter. Bamco Inc. NY raised its position in shares of Montrose Environmental Group by 7.4% during the 3rd quarter. Bamco Inc. NY now owns 1,242,630 shares of the company’s stock worth $32,681,000 after purchasing an additional 86,000 shares during the last quarter. Fred Alger Management LLC lifted its stake in Montrose Environmental Group by 33.7% in the 3rd quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after buying an additional 470,706 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Montrose Environmental Group during the 3rd quarter valued at $395,000. 87.87% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of research firms have recently weighed in on MEG. Bank of America cut Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their price target for the stock from $52.00 to $29.00 in a report on Wednesday, November 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating on the stock in a research note on Friday, November 8th. Finally, Evercore ISI set a $43.00 price target on shares of Montrose Environmental Group in a report on Thursday, October 17th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Montrose Environmental Group has an average rating of “Moderate Buy” and a consensus price target of $39.20.
Montrose Environmental Group Stock Performance
NYSE MEG opened at $16.96 on Monday. The business’s 50-day moving average price is $22.34 and its 200 day moving average price is $31.63. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a twelve month low of $16.06 and a twelve month high of $49.97. The company has a market capitalization of $581.74 million, a PE ratio of -11.38 and a beta of 1.71.
About Montrose Environmental Group
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.
Further Reading
- Five stocks we like better than Montrose Environmental Group
- What is an Earnings Surprise?
- Guidewire Software Provides Long-Awaited Buying Opportunity
- Stock Ratings and Recommendations: Understanding Analyst Ratings
- What’s Behind These 3 Recent Analyst Stock Upgrades?
- What Are Some of the Best Large-Cap Stocks to Buy?
- Fast-Growing Companies That Are Still Undervalued
Want to see what other hedge funds are holding MEG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Montrose Environmental Group, Inc. (NYSE:MEG – Free Report).
Receive News & Ratings for Montrose Environmental Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Montrose Environmental Group and related companies with MarketBeat.com's FREE daily email newsletter.