Wellington Management Group LLP Invests $6.14 Million in Montrose Environmental Group, Inc. (NYSE:MEG)

Wellington Management Group LLP acquired a new stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 330,727 shares of the company’s stock, valued at approximately $6,135,000. Wellington Management Group LLP owned approximately 0.96% of Montrose Environmental Group at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MEG. Vanguard Group Inc. lifted its stake in Montrose Environmental Group by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company’s stock worth $33,437,000 after purchasing an additional 11,211 shares during the last quarter. William Blair Investment Management LLC grew its position in Montrose Environmental Group by 175.0% during the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company’s stock worth $27,255,000 after acquiring an additional 934,938 shares during the last quarter. Geode Capital Management LLC grew its position in Montrose Environmental Group by 3.4% during the 3rd quarter. Geode Capital Management LLC now owns 716,558 shares of the company’s stock worth $18,850,000 after acquiring an additional 23,356 shares during the last quarter. State Street Corp increased its stake in Montrose Environmental Group by 0.8% in the 3rd quarter. State Street Corp now owns 679,871 shares of the company’s stock worth $17,881,000 after purchasing an additional 5,687 shares during the period. Finally, Summit Creek Advisors LLC boosted its stake in shares of Montrose Environmental Group by 49.4% during the fourth quarter. Summit Creek Advisors LLC now owns 577,674 shares of the company’s stock valued at $10,716,000 after purchasing an additional 190,992 shares during the period. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Stock Performance

NYSE:MEG opened at $12.71 on Friday. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a twelve month low of $10.51 and a twelve month high of $49.97. The stock has a market cap of $440.48 million, a P/E ratio of -8.53 and a beta of 1.81. The firm’s fifty day simple moving average is $16.66 and its 200 day simple moving average is $19.70.

Wall Street Analyst Weigh In

Several research analysts recently commented on MEG shares. Evercore ISI decreased their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a research note on Monday, February 10th. Needham & Company LLC decreased their price objective on shares of Montrose Environmental Group from $39.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Two 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 company currently has a consensus rating of “Moderate Buy” and an average price target of $31.40.

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.