Bank of America Corp DE Increases Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Bank of America Corp DE grew its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 42.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,819,010 shares of the company's stock after purchasing an additional 539,779 shares during the period. Bank of America Corp DE owned approximately 5.30% of Montrose Environmental Group worth $33,743,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. raised its stake in Montrose Environmental Group by 1.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company's stock valued at $1,686,000 after buying an additional 1,108 shares during the last quarter. Wrapmanager Inc. increased its holdings in shares of Montrose Environmental Group by 12.8% during the fourth quarter. Wrapmanager Inc. now owns 10,105 shares of the company's stock valued at $187,000 after acquiring an additional 1,150 shares in the last quarter. Walleye Capital LLC raised its position in shares of Montrose Environmental Group by 2.3% in the 4th quarter. Walleye Capital LLC now owns 52,101 shares of the company's stock valued at $966,000 after purchasing an additional 1,173 shares during the last quarter. KBC Group NV boosted its stake in 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 purchasing an additional 1,613 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Montrose Environmental Group by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company's stock worth $4,926,000 after purchasing an additional 1,831 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company's stock.

Wall Street Analyst Weigh In

MEG has been the topic of a number of recent analyst reports. Evercore ISI cut their price target on shares of 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 boosted their price objective on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a report on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $31.80.

Montrose Environmental Group Stock Performance

Shares of Montrose Environmental Group stock traded down $0.33 on Thursday, reaching $19.18. 35,146 shares of the stock were exchanged, compared to its average volume of 532,542. The business has a 50 day moving average price of $15.15 and a two-hundred day moving average price of $17.95. The firm has a market capitalization of $664.68 million, a price-to-earnings ratio of -12.88 and a beta of 1.80. Montrose Environmental Group, Inc. has a twelve month low of $10.51 and a twelve month high of $49.91. 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 announced that its board has approved a stock repurchase plan on Wednesday, May 7th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its shares are 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.