Granahan Investment Management LLC Invests $2.49 Million in Montrose Environmental Group, Inc. $MEG

Granahan Investment Management LLC purchased a new stake in Montrose Environmental Group, Inc. (NYSE:MEG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 90,740 shares of the company’s stock, valued at approximately $2,492,000.

Other hedge funds have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Montrose Environmental Group by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock worth $269,000 after acquiring an additional 780 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Montrose Environmental Group by 39.6% in the first quarter. Goldman Sachs Group Inc. now owns 326,969 shares of the company’s stock worth $4,663,000 after acquiring an additional 92,671 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Montrose Environmental Group by 45.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 52,923 shares of the company’s stock worth $1,158,000 after purchasing an additional 16,455 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Montrose Environmental Group by 13.0% during the second quarter. PNC Financial Services Group Inc. now owns 6,352 shares of the company’s stock worth $139,000 after purchasing an additional 730 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Montrose Environmental Group by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 765,027 shares of the company’s stock valued at $16,748,000 after purchasing an additional 27,316 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

Analyst Ratings Changes

MEG has been the subject of several research analyst reports. Needham & Company LLC boosted their price objective on Montrose Environmental Group from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Wall Street Zen lowered shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Two investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $34.67.

Insider Buying and Selling

In other Montrose Environmental Group news, insider Jose Revuelta sold 7,858 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $27.00, for a total transaction of $212,166.00. Following the transaction, the insider owned 269,282 shares of the company’s stock, valued at $7,270,614. The trade was a 2.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 stock was 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 represents a 13.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 107,527 shares of company stock worth $2,908,583 in the last three months. Insiders own 11.20% of the company’s stock.

Montrose Environmental Group Stock Down 5.5%

Montrose Environmental Group stock opened at $23.53 on Tuesday. The company has a market cap of $846.54 million, a P/E ratio of -98.03, a price-to-earnings-growth ratio of 1.82 and a beta of 1.91. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $32.00. The company has a fifty day simple moving average of $24.24 and a 200 day simple moving average of $26.07. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.68.

Montrose Environmental Group (NYSE:MEG) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.35 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $193.27 million for the quarter, compared to analysts’ expectations of $186.24 million. During the same period in the previous year, the firm posted ($0.90) EPS. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Research analysts anticipate that Montrose Environmental Group, Inc. will post 0.13 earnings per share for the current fiscal year.

About Montrose Environmental Group

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.