Cubist Systematic Strategies LLC Grows Stake in Montrose Environmental Group, Inc. (NYSE:MEG)

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in shares of 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 buying an additional 43,739 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Montrose Environmental Group in the 4th quarter valued at $322,000. Barclays PLC raised its holdings in shares of Montrose Environmental Group by 375.0% in the 3rd quarter. Barclays PLC now owns 53,575 shares of the company's stock valued at $1,410,000 after buying an additional 42,297 shares during the period. New York State Common Retirement Fund raised its holdings in shares of 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 during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of 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 valued at $4,926,000 after buying an additional 1,831 shares during the period. Hedge funds and other institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Stock Down 0.6%

NYSE MEG traded down $0.12 during trading hours on Wednesday, hitting $18.48. 121,891 shares of the company were exchanged, compared to its average volume of 522,392. The company has a 50 day moving average of $14.88 and a two-hundred day moving average of $18.20. 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 52-week low of $10.51 and a 52-week high of $49.97. The firm has a market cap of $640.59 million, a price-to-earnings ratio of -12.40 and a beta of 1.80.

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

Analysts Set New Price Targets

Several research firms recently issued reports on MEG. Evercore ISI cut 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 upped their price target 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 assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $31.80.

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.