Fred Alger Management LLC Buys 470,706 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Fred Alger Management LLC raised its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 33.7% in the 3rd quarter, Holdings Channel reports. The firm owned 1,866,402 shares of the company’s stock after purchasing an additional 470,706 shares during the quarter. Fred Alger Management LLC owned 0.05% of Montrose Environmental Group worth $49,086,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Verition Fund Management LLC bought a new position in shares of Montrose Environmental Group in the 3rd quarter worth about $395,000. Rockefeller Capital Management L.P. raised its position in shares of Montrose Environmental Group by 189.3% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 46,512 shares of the company’s stock worth $1,223,000 after acquiring an additional 30,437 shares in the last quarter. Walleye Capital LLC bought a new position in shares of Montrose Environmental Group in the 3rd quarter worth about $1,339,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Montrose Environmental Group by 147.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,571 shares of the company’s stock worth $278,000 after acquiring an additional 6,294 shares in the last quarter. Finally, FMR LLC raised its position in shares of Montrose Environmental Group by 11.1% in the 3rd quarter. FMR LLC now owns 352,264 shares of the company’s stock worth $9,265,000 after acquiring an additional 35,314 shares in the last quarter. 87.87% of the stock is owned by institutional investors.

Montrose Environmental Group Stock Performance

Shares of MEG stock opened at $18.72 on Friday. The company’s fifty day simple moving average is $23.78 and its two-hundred day simple moving average is $33.18. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. Montrose Environmental Group, Inc. has a 1 year low of $16.06 and a 1 year high of $49.97.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $29.00 price objective (down from $48.00) on shares of Montrose Environmental Group in a research report on Friday, November 8th. Evercore ISI set a $43.00 target price on Montrose Environmental Group in a research report on Thursday, October 17th. Needham & Company LLC cut 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. Finally, Bank of America downgraded Montrose Environmental Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $52.00 to $29.00 in a research note on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.20.

Montrose Environmental Group Company Profile

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.