Summit Creek Advisors LLC Has $15.61 Million Position in Montrose Environmental Group, Inc. $MEG

Summit Creek Advisors LLC cut its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 9.3% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 568,549 shares of the company’s stock after selling 58,011 shares during the period. Montrose Environmental Group comprises approximately 2.3% of Summit Creek Advisors LLC’s holdings, making the stock its 19th largest position. Summit Creek Advisors LLC owned approximately 1.61% of Montrose Environmental Group worth $15,612,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MEG. Bamco Inc. NY boosted its stake in shares of Montrose Environmental Group by 2.5% during the 2nd quarter. Bamco Inc. NY now owns 2,764,395 shares of the company’s stock valued at $60,513,000 after buying an additional 68,713 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Montrose Environmental Group by 4.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,378,212 shares of the company’s stock worth $33,913,000 after acquiring an additional 97,035 shares in the last quarter. William Blair Investment Management LLC boosted its position in Montrose Environmental Group by 21.8% during the second quarter. William Blair Investment Management LLC now owns 2,317,660 shares of the company’s stock valued at $50,734,000 after purchasing an additional 414,272 shares during the last quarter. Alliancebernstein L.P. grew its stake in Montrose Environmental Group by 3,407.7% in the second quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock valued at $28,080,000 after purchasing an additional 1,246,199 shares in the last quarter. Finally, Legal & General Group Plc increased its position in Montrose Environmental Group by 12.9% in the 2nd quarter. Legal & General Group Plc now owns 904,154 shares of the company’s stock worth $19,792,000 after purchasing an additional 103,460 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Insider Transactions at Montrose Environmental Group

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 44,984 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $24.07, for a total value of $1,082,764.88. Following the sale, the chief executive officer directly owned 316,637 shares in the company, valued at $7,621,452.59. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 11.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MEG has been the subject of several recent research reports. Zacks Research cut Montrose Environmental Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Montrose Environmental Group in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Montrose Environmental Group from a “hold” rating to a “buy” rating in a research note on Saturday, January 3rd. Barclays lifted their price objective on shares of Montrose Environmental Group from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Montrose Environmental Group from $26.00 to $33.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $33.50.

Montrose Environmental Group Stock Performance

MEG opened at $26.29 on Monday. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.70. The stock’s 50 day moving average price is $25.57 and its two-hundred day moving average price is $26.15. The firm has a market capitalization of $928.86 million, a P/E ratio of -28.88, a price-to-earnings-growth ratio of 1.86 and a beta of 1.97. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $32.00.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.01. Montrose Environmental Group had a positive return on equity of 0.17% and a negative net margin of 2.52%.The company had revenue of $224.89 million during the quarter, compared to analysts’ expectations of $201.46 million. On average, equities analysts forecast that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current year.

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.