Montrose Environmental Group, Inc. (NYSE:MEG) Stake Raised by Federated Hermes Inc.

Federated Hermes Inc. increased its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 11.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,270,500 shares of the company’s stock after purchasing an additional 130,000 shares during the period. Federated Hermes Inc. owned 3.73% of Montrose Environmental Group worth $56,613,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Montrose Environmental Group by 453.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,356 shares of the company’s stock valued at $53,000 after buying an additional 1,111 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Montrose Environmental Group during the 2nd quarter worth approximately $204,000. CANADA LIFE ASSURANCE Co grew its position in Montrose Environmental Group by 11.8% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 4,765 shares of the company’s stock worth $187,000 after purchasing an additional 504 shares in the last quarter. Mainsail Asset Management LLC purchased a new position in Montrose Environmental Group during the 1st quarter worth approximately $217,000. Finally, Cladis Investment Advisory LLC purchased a new position in Montrose Environmental Group during the 4th quarter worth approximately $209,000. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

Shares of NYSE:MEG opened at $29.21 on Friday. The company has a 50 day moving average of $32.53 and a 200 day moving average of $39.39. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.46. The stock has a market cap of $999.86 million, a P/E ratio of -19.74 and a beta of 1.88. Montrose Environmental Group, Inc. has a 12 month low of $21.96 and a 12 month high of $49.97.

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

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MEG. Evercore ISI initiated coverage on shares of Montrose Environmental Group in a report on Wednesday, August 14th. They set an “outperform” rating and a $43.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Montrose Environmental Group in a research note on Thursday, August 8th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $45.60.

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.