Truist Financial Corp Cuts Stock Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

Truist Financial Corp lowered its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 25.9% in the fourth quarter, HoldingsChannel.com reports. The firm owned 818,657 shares of the company’s stock after selling 286,646 shares during the quarter. Truist Financial Corp’s holdings in Montrose Environmental Group were worth $15,186,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Stephens Investment Management Group LLC grew its stake in shares of Montrose Environmental Group by 1.7% during the fourth quarter. Stephens Investment Management Group LLC now owns 472,627 shares of the company’s stock worth $8,767,000 after purchasing an additional 7,782 shares in the last quarter. KBC Group NV grew its stake in shares of Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after purchasing an additional 1,613 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Montrose Environmental Group during the fourth quarter worth $322,000. Avanza Fonder AB acquired a new position in shares of Montrose Environmental Group during the fourth quarter worth $105,000. Finally, Procyon Advisors LLC grew its stake in shares of Montrose Environmental Group by 72.5% during the fourth quarter. Procyon Advisors LLC now owns 21,453 shares of the company’s stock worth $398,000 after purchasing an additional 9,013 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

Shares of NYSE:MEG opened at $18.06 on Friday. The company has a 50-day simple moving average of $19.81 and a 200-day simple moving average of $23.59. Montrose Environmental Group, Inc. has a one year low of $15.21 and a one year high of $49.97. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The stock has a market capitalization of $619.29 million, a price-to-earnings ratio of -12.12 and a beta of 1.71.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. reiterated 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. Needham & Company LLC restated a “buy” rating and issued a $39.00 price objective on shares of Montrose Environmental Group in a research note on Tuesday, January 28th. Evercore ISI decreased their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, February 10th. Bank of America downgraded shares of Montrose Environmental Group from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $52.00 to $29.00 in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus decreased their price objective on shares of Montrose Environmental Group from $41.00 to $38.00 and set a “buy” rating for the company in a research note on Wednesday, December 11th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and an average target price of $33.60.

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.