Universal Beteiligungs und Servicegesellschaft mbH Acquires New Stake in Montrose Environmental Group, Inc. (NYSE:MEG)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH acquired 44,000 shares of Montrose Environmental Group, Inc., valued at approximately $627,000, representing about 0.13% of the company's total shares.
• Needham & Company LLC upgraded Montrose Environmental Group's target price from $28.00 to $30.00 and assigned a "buy" rating, with a consensus target price of $31.80.
• Montrose Environmental Group's Board of Directors authorized a $40 million stock buyback plan, indicating confidence in the company’s valuation amid a recent share decline of 9.7%.

Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 44,000 shares of the company's stock, valued at approximately $627,000. Universal Beteiligungs und Servicegesellschaft mbH owned about 0.13% of Montrose Environmental Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bamco Inc. NY increased its position in Montrose Environmental Group by 84.5% during the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after buying an additional 1,050,000 shares during the last quarter. Bank of America Corp DE increased its position in Montrose Environmental Group by 42.2% during the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock worth $33,743,000 after buying an additional 539,779 shares during the last quarter. Millennium Management LLC increased its position in Montrose Environmental Group by 52.6% during the fourth quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock worth $26,744,000 after buying an additional 496,661 shares during the last quarter. Wellington Management Group LLP acquired a new position in Montrose Environmental Group during the fourth quarter worth approximately $6,135,000. Finally, Granite Investment Partners LLC grew its position in shares of Montrose Environmental Group by 61.9% in the fourth quarter. Granite Investment Partners LLC now owns 846,834 shares of the company's stock valued at $15,709,000 after purchasing an additional 323,868 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company's stock.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock traded down $0.35 during mid-day trading on Wednesday, reaching $22.38. 149,668 shares of the company were exchanged, compared to its average volume of 459,782. The company has a fifty day simple moving average of $22.12 and a 200-day simple moving average of $18.94. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.05 and a quick ratio of 2.05. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $34.56. The firm has a market cap of $775.52 million, a PE ratio of -9.65, a PEG ratio of 7.47 and a beta of 1.90.

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

Wall Street Analyst Weigh In

Separately, Needham & Company LLC upped their target price on Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $31.80.

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.