Balyasny Asset Management L.P. Purchases 79,449 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Balyasny Asset Management L.P. boosted its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 138.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 136,893 shares of the company's stock after acquiring an additional 79,449 shares during the period. Balyasny Asset Management L.P. owned 0.40% of Montrose Environmental Group worth $2,539,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bamco Inc. NY boosted its holdings in Montrose Environmental Group by 84.5% in the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after acquiring an additional 1,050,000 shares in the last quarter. Bank of America Corp DE boosted its holdings in Montrose Environmental Group by 42.2% in the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock worth $33,743,000 after acquiring an additional 539,779 shares in the last quarter. Vanguard Group Inc. boosted its holdings 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 acquiring an additional 11,211 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in Montrose Environmental Group by 175.0% in the fourth 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 in the last quarter. Finally, Granite Investment Partners LLC boosted its holdings in Montrose Environmental Group by 61.9% in the fourth quarter. Granite Investment Partners LLC now owns 846,834 shares of the company's stock worth $15,709,000 after acquiring an additional 323,868 shares in the last quarter. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Stock Up 10.3%

MEG stock opened at $19.39 on Tuesday. Montrose Environmental Group, Inc. has a twelve month low of $10.51 and a twelve month high of $49.97. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock's 50 day moving average is $14.86 and its 200-day moving average is $18.19. The firm has a market capitalization of $671.96 million, a PE ratio of -13.01 and a beta of 1.80.

Montrose Environmental Group declared that its board has authorized a share buyback plan on Wednesday, May 7th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

MEG has been the topic of a number of recent research reports. Needham & Company LLC raised their target price on Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a report on Friday. Evercore ISI dropped their target price on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a report on Monday, February 10th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average 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.

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