Montrose Environmental Group (NYSE:MEG) Shares Gap Up Following Insider Buying Activity

Shares of Montrose Environmental Group, Inc. (NYSE:MEG – Get Rating) gapped up before the market opened on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $36.69, but opened at $39.69. Montrose Environmental Group shares last traded at $39.13, with a volume of 49,343 shares traded.

Specifically, Director Richard E. Perlman sold 600 shares of the company’s stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $54.04, for a total transaction of $32,424.00. Following the sale, the director now owns 693,317 shares in the company, valued at approximately $37,466,850.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director J Thomas Presby acquired 5,000 shares of the stock in a transaction on Friday, March 3rd. The shares were purchased at an average price of $36.16 per share, for a total transaction of $180,800.00. Following the purchase, the director now directly owns 43,832 shares in the company, valued at $1,584,965.12. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard E. Perlman sold 600 shares of the stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $54.04, for a total transaction of $32,424.00. Following the sale, the director now owns 693,317 shares in the company, valued at approximately $37,466,850.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,272 shares of company stock valued at $6,798,617. 11.00% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MEG has been the subject of a number of analyst reports. Bank of America upgraded Montrose Environmental Group from a “neutral” rating to a “buy” rating in a research note on Monday, December 12th. Morgan Stanley reduced their target price on shares of Montrose Environmental Group from $51.00 to $47.00 and set an “equal weight” rating for the company in a research note on Wednesday, December 14th. Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Thursday, March 2nd. Finally, JPMorgan Chase & Co. lowered Montrose Environmental Group from an “overweight” rating to a “neutral” rating and set a $39.00 price target for the company. in a research note on Thursday, March 2nd. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $46.67.

Montrose Environmental Group Stock Performance

The firm’s fifty day moving average price is $49.37 and its 200 day moving average price is $44.31. The company has a debt-to-equity ratio of 0.52, a quick ratio of 2.22 and a current ratio of 2.22. The firm has a market cap of $1.13 billion, a P/E ratio of -23.30 and a beta of 1.72.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Research Global Investors lifted its stake in shares of Montrose Environmental Group by 23.8% in the first quarter. Capital Research Global Investors now owns 2,699,774 shares of the company’s stock worth $142,899,000 after buying an additional 519,892 shares in the last quarter. Federated Hermes Inc. boosted its position in Montrose Environmental Group by 24.2% in the 3rd quarter. Federated Hermes Inc. now owns 1,040,000 shares of the company’s stock valued at $34,996,000 after buying an additional 202,422 shares during the period. UBS Asset Management Americas Inc. increased its holdings in Montrose Environmental Group by 7.8% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,848,185 shares of the company’s stock worth $62,395,000 after purchasing an additional 133,871 shares during the period. Fisher Asset Management LLC grew its stake in shares of Montrose Environmental Group by 245.3% during the fourth quarter. Fisher Asset Management LLC now owns 158,760 shares of the company’s stock worth $7,047,000 after purchasing an additional 112,779 shares in the last quarter. Finally, Driehaus Capital Management LLC increased its holdings in shares of Montrose Environmental Group by 32.1% in the 4th quarter. Driehaus Capital Management LLC now owns 452,302 shares of the company’s stock valued at $20,078,000 after acquiring an additional 109,841 shares during the last quarter. Institutional investors and hedge funds own 90.89% of the company’s stock.

Montrose Environmental Group Company Profile

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Montrose Environmental Group, Inc operates as an environmental services company in the United States. 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.