Montrose Environmental Group, Inc. (NYSE:MEG) Shares Purchased by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC raised its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 127.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 272,080 shares of the company's stock after purchasing an additional 152,462 shares during the period. Cubist Systematic Strategies LLC owned 0.79% of Montrose Environmental Group worth $5,047,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in Montrose Environmental Group by 159.2% in the third quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company's stock worth $1,873,000 after purchasing an additional 43,739 shares during the period. Janney Montgomery Scott LLC acquired a new position in Montrose Environmental Group during the 4th quarter worth $322,000. Barclays PLC increased its position in Montrose Environmental Group by 375.0% during the third quarter. Barclays PLC now owns 53,575 shares of the company's stock worth $1,410,000 after acquiring an additional 42,297 shares during the period. New York State Common Retirement Fund grew its holdings in shares of Montrose Environmental Group by 54.7% during the 4th quarter. New York State Common Retirement Fund now owns 64,009 shares of the company's stock worth $1,187,000 after purchasing an additional 22,621 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Montrose Environmental Group by 0.7% during the fourth 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 during the period. Institutional investors and hedge funds own 87.87% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on MEG shares. Needham & Company LLC lifted their price objective on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday. Evercore ISI cut their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a report on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average price target of $31.80.

Montrose Environmental Group Trading Up 10.3%

MEG stock traded up $1.82 on Monday, reaching $19.39. The company's stock had a trading volume of 742,863 shares, compared to its average volume of 529,673. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $49.97. The business has a fifty day simple moving average of $14.87 and a two-hundred day simple moving average of $18.24. The firm has a market cap of $671.96 million, a PE ratio of -13.01 and a beta of 1.80. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93.

Montrose Environmental Group announced that its Board of Directors has authorized a stock repurchase 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 often a sign that the company's board believes its shares are undervalued.

Montrose Environmental Group Company 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.