Nordea Investment Management AB Purchases Shares of 55,879 Montrose Environmental Group, Inc. $MEG

Nordea Investment Management AB acquired a new position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) during the 4th quarter, Holdings Channel reports. The fund acquired 55,879 shares of the company’s stock, valued at approximately $1,382,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MEG. Alliancebernstein L.P. boosted its position in shares of Montrose Environmental Group by 3,407.7% during the 2nd quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock valued at $28,080,000 after acquiring an additional 1,246,199 shares during the last quarter. Marshall Wace LLP increased its position in Montrose Environmental Group by 245.0% in the second quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after purchasing an additional 272,444 shares during the last quarter. Tudor Investment Corp ET AL purchased a new stake in Montrose Environmental Group during the third quarter valued at $3,979,000. Algert Global LLC raised its stake in Montrose Environmental Group by 351.8% during the third quarter. Algert Global LLC now owns 179,188 shares of the company’s stock valued at $4,921,000 after purchasing an additional 139,528 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Montrose Environmental Group by 12.9% during the second quarter. Legal & General Group Plc now owns 904,154 shares of the company’s stock valued at $19,792,000 after purchasing an additional 103,460 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on MEG. Wall Street Zen cut shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Needham & Company LLC upped their target price on shares of Montrose Environmental Group from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $34.67.

Montrose Environmental Group Trading Down 5.9%

Shares of MEG opened at $21.06 on Friday. The company’s fifty day simple moving average is $23.78 and its 200-day simple moving average is $25.62. The company has a market cap of $761.74 million, a P/E ratio of -87.75, a P/E/G ratio of 1.54 and a beta of 1.92. 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, Inc. has a twelve month low of $10.51 and a twelve month high of $32.00.

Montrose Environmental Group (NYSE:MEG) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. The firm had revenue of $193.27 million during the quarter, compared to analysts’ expectations of $186.24 million. Montrose Environmental Group had a negative net margin of 0.10% and a positive return on equity of 4.47%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.90) EPS. As a group, analysts expect that Montrose Environmental Group, Inc. will post 0.13 EPS for the current year.

Insider Activity

In other news, 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 transaction of $288,700.00. Following the transaction, the director owned 62,614 shares of the company’s stock, valued at approximately $1,807,666.18. This represents a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Jose Revuelta sold 7,858 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $27.00, for a total value of $212,166.00. Following the completion of the sale, the insider owned 269,282 shares in the company, valued at approximately $7,270,614. The trade was a 2.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 107,527 shares of company stock worth $2,908,583 in the last ninety days. 11.90% of the stock is currently owned by company insiders.

Montrose Environmental Group Profile

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.