Bamco Inc. NY Grows Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Bamco Inc. NY increased its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 84.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,292,630 shares of the company's stock after buying an additional 1,050,000 shares during the period. Bamco Inc. NY owned about 6.68% of Montrose Environmental Group worth $42,528,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MEG. JPMorgan Chase & Co. raised its stake in Montrose Environmental Group by 159.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company's stock valued at $1,873,000 after acquiring an additional 43,739 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Montrose Environmental Group during the 4th quarter valued at approximately $322,000. Barclays PLC boosted its holdings 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 buying an additional 42,297 shares during the period. New York State Common Retirement Fund grew its stake in Montrose Environmental Group by 54.7% in the 4th quarter. New York State Common Retirement Fund now owns 64,009 shares of the company's stock valued at $1,187,000 after buying an additional 22,621 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Montrose Environmental Group by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company's stock valued at $4,926,000 after acquiring an additional 1,831 shares during the period. Hedge funds and other institutional investors own 87.87% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Evercore ISI dropped their price objective 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 increased their price target on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $31.80.

Montrose Environmental Group Price Performance

Shares of NYSE:MEG traded down $0.27 during trading on Friday, reaching $17.43. The company had a trading volume of 570,977 shares, compared to its average volume of 528,817. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $49.97. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $604.19 million, a P/E ratio of -11.70 and a beta of 1.80. The company has a fifty day moving average of $14.87 and a two-hundred day moving average of $18.30.

Montrose Environmental Group announced that its board has authorized a share buyback program on Wednesday, May 7th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

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.