Balyasny Asset Management L.P. Has $2.54 Million Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

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

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MEG shares. Evercore ISI decreased 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. Needham & Company LLC lifted their target price on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Montrose Environmental Group currently has a consensus rating of "Moderate Buy" and an average price target of $31.80.

Montrose Environmental Group Stock Up 0.0%

Shares of Montrose Environmental Group stock traded up $0.00 during midday trading on Friday, hitting $19.26. The company's stock had a trading volume of 723,799 shares, compared to its average volume of 534,538. The firm has a market capitalization of $667.77 million, a P/E ratio of -12.93 and a beta of 1.80. The stock has a 50-day simple moving average of $15.00 and a 200-day simple moving average of $17.97. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $49.97.

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

Montrose Environmental Group Profile

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.