Cladis Investment Advisory LLC Invests $1 Million in Montrose Environmental Group, Inc. (NYSE:MEG)

Cladis Investment Advisory LLC purchased a new stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 54,150 shares of the company's stock, valued at approximately $1,004,000. Cladis Investment Advisory LLC owned 0.16% of Montrose Environmental Group as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its stake in shares of Montrose Environmental Group by 159.2% in the third quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company's stock worth $1,873,000 after buying an additional 43,739 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Montrose Environmental Group in the 4th quarter valued at about $322,000. Barclays PLC lifted its stake in Montrose Environmental Group by 375.0% in the 3rd quarter. Barclays PLC now owns 53,575 shares of the company's stock worth $1,410,000 after purchasing an additional 42,297 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Montrose Environmental Group by 54.7% during the 4th quarter. New York State Common Retirement Fund now owns 64,009 shares of the company's stock worth $1,187,000 after purchasing an additional 22,621 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Montrose Environmental Group by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company's stock valued at $4,926,000 after purchasing an additional 1,831 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Trading Down 3.7%

NYSE:MEG traded down $0.71 on Tuesday, reaching $18.62. The company's stock had a trading volume of 123,820 shares, compared to its average volume of 528,092. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $49.97. The stock has a 50 day moving average price of $14.86 and a 200 day moving average price of $18.19. The firm has a market cap of $645.44 million, a price-to-earnings ratio of -12.50 and a beta of 1.80. 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 declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 7th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MEG. Needham & Company LLC raised their target price on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday. Evercore ISI dropped 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 report on Monday, February 10th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average price target of $31.80.

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.