M&T Bank Corp Increases Stake in Montrose Environmental Group, Inc. (NYSE:MEG)

M&T Bank Corp raised its stake in Montrose Environmental Group, Inc. (NYSE:MEG) by 19.5% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 27,567 shares of the company’s stock after acquiring an additional 4,494 shares during the period. M&T Bank Corp’s holdings in Montrose Environmental Group were worth $725,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Driehaus Capital Management LLC raised its holdings in Montrose Environmental Group by 253.0% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,149,227 shares of the company’s stock valued at $51,210,000 after buying an additional 823,636 shares during the last quarter. Fred Alger Management LLC increased its position in shares of Montrose Environmental Group by 33.7% in the third quarter. Fred Alger Management LLC now owns 1,866,402 shares of the company’s stock valued at $49,086,000 after acquiring an additional 470,706 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Montrose Environmental Group by 271.2% during the second quarter. Bank of New York Mellon Corp now owns 377,997 shares of the company’s stock valued at $16,844,000 after acquiring an additional 276,166 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of Montrose Environmental Group during the third quarter worth about $6,801,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Montrose Environmental Group in the second quarter worth about $10,666,000. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Wall Street Analyst Weigh In

MEG has been the subject of a number of recent analyst reports. Bank of America lowered Montrose Environmental Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $52.00 to $29.00 in a research report on Wednesday, November 6th. Needham & Company LLC dropped their price target on Montrose Environmental Group from $54.00 to $44.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Stifel Nicolaus cut their price target on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating on the stock in a report on Wednesday, December 11th. Evercore ISI set a $43.00 price objective on shares of Montrose Environmental Group in a report on Thursday, October 17th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $29.00 target price (down previously from $48.00) on shares of Montrose Environmental Group in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $36.60.

Montrose Environmental Group Price Performance

Shares of MEG stock opened at $18.07 on Tuesday. The business’s fifty day moving average is $21.62 and its 200 day moving average is $30.33. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market cap of $619.82 million, a price-to-earnings ratio of -12.13 and a beta of 1.71. Montrose Environmental Group, Inc. has a twelve month low of $15.21 and a twelve month high of $49.97.

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.