Montrose Environmental Group, Inc. (NYSE:MEG) Shares Bought by Alyeska Investment Group L.P.

Alyeska Investment Group L.P. boosted its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 14.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 627,204 shares of the company's stock after purchasing an additional 77,700 shares during the quarter. Alyeska Investment Group L.P. owned about 1.83% of Montrose Environmental Group worth $11,635,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Quarry LP acquired a new position in shares of Montrose Environmental Group in the 4th quarter valued at $36,000. KBC Group NV lifted its position in Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company's stock valued at $54,000 after acquiring an additional 1,613 shares during the last quarter. Avanza Fonder AB acquired a new position in Montrose Environmental Group in the fourth quarter valued at $105,000. PNC Financial Services Group Inc. grew its holdings in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock worth $118,000 after purchasing an additional 1,898 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Montrose Environmental Group during the fourth quarter worth about $130,000. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Montrose Environmental Group Stock Performance

Shares of NYSE:MEG traded down $0.27 during midday trading on Friday, hitting $17.43. The stock had a trading volume of 570,977 shares, compared to its average volume of 528,060. The company has a market capitalization of $604.19 million, a PE ratio of -11.70 and a beta of 1.80. Montrose Environmental Group, Inc. has a 1 year low of $10.51 and a 1 year high of $49.97. The stock has a 50 day moving average price of $14.90 and a two-hundred day moving average price of $18.43. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 7th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

MEG has been the topic of a number of research reports. Evercore ISI dropped their price target on 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 lifted their target price on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a report on Friday. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.