Montrose Environmental Group (MEG) Rose on Full-Year Guidance

Conestoga Capital Advisors, an asset management company, released its “Micro Cap Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. The Micro Cap Composite declined -1.53% net of fees in the second quarter, compared to the Russell Microcap Growth Index’s 6.35% return. Despite eight of the eleven sectors adding value to relative performance, negative stock selection effects in the Industrials, Health Care, and Technology sectors proved too much to overcome. The portfolio was also hindered by stylistic headwinds. Positive sector allocation effects contributed modestly to performance. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Conestoga Micro Cap Strategy highlighted stocks like Montrose Environmental Group, Inc. (NYSE:MEG) in the second quarter 2023 investor letter. Headquartered in North Little Rock, Arkansas, Montrose Environmental Group, Inc. (NYSE:MEG) is an environmental services company. On August 9, 2023, Montrose Environmental Group, Inc. (NYSE:MEG) stock closed at $41.52 per share. One-month return of Montrose Environmental Group, Inc. (NYSE:MEG) was -7.77%, and its shares lost 5.96% of their value over the last 52 weeks. Montrose Environmental Group, Inc. (NYSE:MEG) has a market capitalization of $1.249 billion.

Conestoga Micro Cap Strategy made the following comment about Montrose Environmental Group, Inc. (NYSE:MEG) in its second quarter 2023 investor letter:

Montrose Environmental Group, Inc. (NYSE:MEG): MEG is a pure play environmental services company that offers end-to-end solutions for addressing environmental issues that are largely insulated from economic and political cycles. After reporting a challenging close to last year, the business jumped to a strong start in 2023 with better revenue and margins driving an upward revision to its full year guidance.

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Montrose Environmental Group, Inc. (NYSE:MEG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 12 hedge fund portfolios held Montrose Environmental Group, Inc. (NYSE:MEG) at the end of first quarter which was 8 in the previous quarter.

We discussed Montrose Environmental Group, Inc. (NYSE:MEG) in another article and shared Alger Weatherbie Specialized Growth Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.