Creative Planning Has $2.23 Million Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Posted by Defense World Staff on Oct 11th, 2023

Creative Planning grew its position in Montrose Environmental Group, Inc. (NYSE:MEG – Free Report) by 1.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 52,924 shares of the company’s stock after purchasing an additional 815 shares during the period. Creative Planning owned about 0.18% of Montrose Environmental Group worth $2,229,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MEG. Granite Investment Partners LLC increased its holdings in Montrose Environmental Group by 2.0% in the first quarter. Granite Investment Partners LLC now owns 545,564 shares of the company’s stock worth $19,460,000 after buying an additional 10,948 shares during the last quarter. Exchange Traded Concepts LLC acquired a new position in shares of Montrose Environmental Group during the 2nd quarter worth $244,000. Summit Creek Advisors LLC raised its holdings in shares of Montrose Environmental Group by 0.6% during the 1st quarter. Summit Creek Advisors LLC now owns 277,278 shares of the company’s stock valued at $9,891,000 after purchasing an additional 1,779 shares in the last quarter. Yarbrough Capital LLC acquired a new stake in shares of Montrose Environmental Group in the 1st quarter valued at $391,000. Finally, Stephens Investment Management Group LLC boosted its holdings in Montrose Environmental Group by 19.9% in the first quarter. Stephens Investment Management Group LLC now owns 510,901 shares of the company’s stock worth $18,224,000 after purchasing an additional 84,661 shares in the last quarter. 89.88% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MEG has been the subject of several recent analyst reports. Royal Bank of Canada upgraded Montrose Environmental Group from a “sector perform” rating to an “outperform” rating and set a $31.00 price target for the company in a research note on Tuesday. JPMorgan Chase & Co. upped their target price on Montrose Environmental Group from $40.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, August 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $54.00 price target on shares of Montrose Environmental Group in a research report on Tuesday, September 19th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

Check Out Our Latest Analysis on MEG

Montrose Environmental Group Price Performance

NYSE MEG opened at $28.36 on Wednesday. The stock has a 50-day simple moving average of $34.58 and a 200 day simple moving average of $36.49. Montrose Environmental Group, Inc. has a twelve month low of $26.64 and a twelve month high of $55.00. The stock has a market capitalization of $855.34 million, a PE ratio of -15.41 and a beta of 1.73. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.61 and a current ratio of 1.61.

Montrose Environmental Group (NYSE:MEG – Get Free Report) last issued its quarterly earnings results on Tuesday, August 8th. The company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.09). The business had revenue of $159.10 million for the quarter, compared to analyst estimates of $144.13 million. Montrose Environmental Group had a negative return on equity of 12.27% and a negative net margin of 6.86%. Research analysts anticipate that Montrose Environmental Group, Inc. will post -0.46 EPS for the current year.

Insider Buying and Selling at Montrose Environmental Group

In related news, Director De Castro Jose Migue Fernandez acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were bought at an average price of $32.94 per share, for a total transaction of $329,400.00. Following the acquisition, the director now owns 139,110 shares in the company, valued at approximately $4,582,283.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 11.90% of the company’s stock.

About Montrose Environmental Group

(Free Report)

Montrose Environmental Group, Inc operates as an environmental services company in the United States 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.