Harbor Capital Advisors Inc. Acquires 70,175 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Harbor Capital Advisors Inc. raised its holdings in Montrose Environmental Group, Inc. (NYSE:MEG) by 285.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 94,753 shares of the company’s stock after purchasing an additional 70,175 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.28% of Montrose Environmental Group worth $2,492,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Conestoga Capital Advisors LLC lifted its holdings in shares of Montrose Environmental Group by 26.8% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 52,695 shares of the company’s stock worth $1,386,000 after acquiring an additional 11,145 shares during the period. Assenagon Asset Management S.A. bought a new position in Montrose Environmental Group in the 3rd quarter valued at approximately $1,332,000. Net Worth Advisory Group bought a new position in Montrose Environmental Group in the 3rd quarter valued at approximately $213,000. Procyon Advisors LLC lifted its stake in Montrose Environmental Group by 96.5% in the 3rd quarter. Procyon Advisors LLC now owns 12,440 shares of the company’s stock valued at $327,000 after purchasing an additional 6,109 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in Montrose Environmental Group by 345.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 36,117 shares of the company’s stock valued at $950,000 after purchasing an additional 28,008 shares during the last quarter. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Trading Up 1.9 %

Shares of NYSE MEG opened at $26.21 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.82 and a current ratio of 1.82. Montrose Environmental Group, Inc. has a 52-week low of $19.59 and a 52-week high of $49.97. The firm has a 50 day moving average price of $27.15 and a two-hundred day moving average price of $35.84. The stock has a market cap of $897.17 million, a P/E ratio of -17.59 and a beta of 1.86.

Montrose Environmental Group (NYSE:MEG) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.15). Montrose Environmental Group had a negative net margin of 4.91% and a positive return on equity of 0.22%. The business had revenue of $173.33 million during the quarter, compared to analyst estimates of $174.59 million. As a group, equities analysts forecast that Montrose Environmental Group, Inc. will post 0.19 EPS for the current year.

Analyst Ratings Changes

MEG has been the subject of several research reports. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research note on Wednesday, October 16th. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, October 17th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of “Buy” and a consensus price target of $45.60.

Montrose Environmental Group 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.