Bamco Inc. NY Lowers Holdings in Montrose Environmental Group, Inc. $MEG

Bamco Inc. NY trimmed its holdings in Montrose Environmental Group, Inc. (NYSE:MEG) by 21.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,160,463 shares of the company’s stock after selling 603,932 shares during the quarter. Bamco Inc. NY owned approximately 6.11% of Montrose Environmental Group worth $59,326,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MEG. Alliancebernstein L.P. raised its position in shares of Montrose Environmental Group by 3,407.7% during the second quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock valued at $28,080,000 after buying an additional 1,246,199 shares during the last quarter. Marshall Wace LLP boosted its position in shares of Montrose Environmental Group by 245.0% during the second quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after acquiring an additional 272,444 shares during the last quarter. Algert Global LLC grew its stake in Montrose Environmental Group by 351.8% during the third quarter. Algert Global LLC now owns 179,188 shares of the company’s stock valued at $4,921,000 after acquiring an additional 139,528 shares in the last quarter. Legal & General Group Plc grew its stake in Montrose Environmental Group by 12.9% during the second quarter. Legal & General Group Plc now owns 904,154 shares of the company’s stock valued at $19,792,000 after acquiring an additional 103,460 shares in the last quarter. Finally, Lisanti Capital Growth LLC bought a new stake in Montrose Environmental Group in the 3rd quarter valued at $2,803,000. 87.87% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MEG shares. Needham & Company LLC increased their price objective on shares of Montrose Environmental Group from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Wall Street Zen cut Montrose Environmental Group from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $34.67.

Montrose Environmental Group Trading Down 3.7%

Shares of MEG opened at $24.93 on Monday. The stock has a market capitalization of $896.80 million, a PE ratio of -103.85, a P/E/G ratio of 1.82 and a beta of 1.91. The company’s fifty day moving average is $24.29 and its 200 day moving average is $26.11. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.43 and a current ratio of 1.43. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $32.00.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. Montrose Environmental Group had a negative net margin of 0.10% and a positive return on equity of 4.47%. The company had revenue of $193.27 million for the quarter, compared to the consensus estimate of $186.24 million. During the same quarter in the prior year, the firm earned ($0.90) earnings per share. Montrose Environmental Group’s revenue was up 2.2% on a year-over-year basis. Sell-side analysts expect that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other Montrose Environmental Group news, General Counsel Nasym Afsari sold 43,348 shares of the business’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.37, for a total transaction of $1,229,782.76. Following the sale, the general counsel directly owned 204,878 shares of the company’s stock, valued at $5,812,388.86. The trade was a 17.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director J Thomas Presby sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $28.87, for a total value of $288,700.00. Following the sale, the director owned 62,614 shares in the company, valued at approximately $1,807,666.18. This trade represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 61,406 shares of company stock worth $1,736,649. 11.20% of the stock is currently owned by corporate insiders.

Montrose Environmental Group Company Profile

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.