Royce & Associates LP Reduces Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Royce & Associates LP cut its position in Montrose Environmental Group, Inc. (NYSE:MEG) by 7.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 318,863 shares of the company’s stock after selling 26,206 shares during the period. Royce & Associates LP owned approximately 0.93% of Montrose Environmental Group worth $5,915,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. KBC Group NV boosted its holdings in Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after purchasing an additional 1,613 shares during the last quarter. Avanza Fonder AB acquired a new position in shares of Montrose Environmental Group in the 4th quarter valued at about $105,000. Point72 DIFC Ltd purchased a new stake in shares of Montrose Environmental Group in the third quarter worth about $111,000. PNC Financial Services Group Inc. grew its holdings in Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock worth $118,000 after acquiring an additional 1,898 shares during the period. Finally, Wrapmanager Inc. raised its position in Montrose Environmental Group by 12.8% during the fourth quarter. Wrapmanager Inc. now owns 10,105 shares of the company’s stock valued at $187,000 after acquiring an additional 1,150 shares in the last quarter. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Montrose Environmental Group Trading Down 2.2 %

Shares of MEG stock opened at $15.42 on Thursday. The stock has a 50 day simple moving average of $19.72 and a 200-day simple moving average of $21.64. Montrose Environmental Group, Inc. has a 1-year low of $14.90 and a 1-year high of $49.97. The company has a market cap of $529.35 million, a price-to-earnings ratio of -10.35 and a beta of 1.72. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MEG shares. Stifel Nicolaus dropped their price objective on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, December 11th. Needham & Company LLC restated a “buy” rating and set a $39.00 price target on shares of Montrose Environmental Group in a research report on Tuesday, March 4th. Finally, Evercore ISI decreased their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.60.

Montrose Environmental Group Company 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.