Granahan Investment Management LLC Acquires Shares of 90,740 Montrose Environmental Group, Inc. $MEG

Granahan Investment Management LLC acquired a new position in Montrose Environmental Group, Inc. (NYSE:MEG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 90,740 shares of the company’s stock, valued at approximately $2,492,000. Granahan Investment Management LLC owned approximately 0.26% of Montrose Environmental Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the business. Canada Pension Plan Investment Board increased its stake in shares of Montrose Environmental Group by 533.3% in the second quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after buying an additional 1,600 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Montrose Environmental Group by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after acquiring an additional 1,508 shares in the last quarter. PNC Financial Services Group Inc. lifted 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 in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its position in shares of Montrose Environmental Group by 26.8% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 8,108 shares of the company’s stock worth $177,000 after purchasing an additional 1,716 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Montrose Environmental Group by 70.1% during the third quarter. CWM LLC now owns 7,665 shares of the company’s stock valued at $210,000 after purchasing an additional 3,159 shares during the last quarter. Institutional investors own 87.87% of the company’s stock.

Insider Buying and Selling

In other news, CEO Vijay Manthripragada sold 46,121 shares of the company’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $25.41, for a total value of $1,171,934.61. Following the completion of the sale, the chief executive officer directly owned 236,788 shares of the company’s stock, valued at $6,016,783.08. This represents a 16.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Nasym Afsari sold 43,348 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $28.37, for a total transaction of $1,229,782.76. Following the completion of the sale, the general counsel owned 204,878 shares in the company, valued at $5,812,388.86. This represents a 17.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 107,527 shares of company stock worth $2,908,583 in the last ninety days. 11.20% of the stock is currently owned by corporate insiders.

Montrose Environmental Group Stock Performance

Shares of Montrose Environmental Group stock opened at $23.53 on Tuesday. The firm has a fifty day moving average of $24.24 and a two-hundred day moving average of $26.07. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market capitalization of $846.54 million, a price-to-earnings ratio of -98.03, a PEG ratio of 1.82 and a beta of 1.91. Montrose Environmental Group, Inc. has a 52 week low of $10.51 and a 52 week high of $32.00.

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

Analysts Set New Price Targets

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

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.