Mutual of America Capital Management LLC Reduces Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Mutual of America Capital Management LLC decreased its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 18.6% during the third quarter, HoldingsChannel reports. The fund owned 67,157 shares of the company’s stock after selling 15,360 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Montrose Environmental Group were worth $1,766,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MEG. Vanguard Group Inc. raised its stake in shares of Montrose Environmental Group by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 1,544,607 shares of the company’s stock valued at $60,502,000 after purchasing an additional 9,913 shares during the period. Fred Alger Management LLC grew its holdings in Montrose Environmental Group by 17.6% during the 2nd quarter. Fred Alger Management LLC now owns 1,395,696 shares of the company’s stock valued at $62,192,000 after buying an additional 208,785 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Montrose Environmental Group by 11.4% during the second quarter. Federated Hermes Inc. now owns 1,270,500 shares of the company’s stock valued at $56,613,000 after buying an additional 130,000 shares during the period. Driehaus Capital Management LLC lifted its holdings in shares of Montrose Environmental Group by 253.0% in the second quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock worth $51,210,000 after buying an additional 823,636 shares in the last quarter. Finally, Blair William & Co. IL boosted its position in shares of Montrose Environmental Group by 5.1% in the second quarter. Blair William & Co. IL now owns 769,653 shares of the company’s stock valued at $34,296,000 after acquiring an additional 37,335 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

MEG stock opened at $17.89 on Monday. The firm’s 50-day moving average price is $24.41 and its two-hundred day moving average price is $33.63. The stock has a market capitalization of $613.63 million, a price-to-earnings ratio of -12.01 and a beta of 1.86. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a 12-month low of $16.06 and a 12-month high of $49.97.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MEG shares. Needham & Company LLC reduced their price target on shares of Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research report on Friday, November 8th. Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a research report on Thursday, October 17th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $29.00 price target (down previously from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, Montrose Environmental Group currently has an average rating of “Moderate Buy” and a consensus target price of $39.20.

About Montrose Environmental Group

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.