Avalon Trust Co Sells 15,068 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Key Points

• Avalon Trust Co reduced its stake in Montrose Environmental Group by 7.2%, owning approximately 0.56% of the company worth $2.78 million after selling 15,068 shares in the first quarter.
• Montrose Environmental Group has been rated a "Moderate Buy" by analysts, with a consensus price target of $31.80, as several analysts have increased their price objectives for the stock.
• The company’s Board of Directors has authorized a stock buyback plan of up to $40 million, indicating a belief that the stock is currently undervalued.

Avalon Trust Co reduced its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 194,797 shares of the company's stock after selling 15,068 shares during the quarter. Avalon Trust Co owned 0.56% of Montrose Environmental Group worth $2,778,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Bamco Inc. NY grew its position in shares of Montrose Environmental Group by 84.5% in the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after acquiring an additional 1,050,000 shares in the last quarter. Bank of America Corp DE raised its stake in Montrose Environmental Group by 42.2% during the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock valued at $33,743,000 after acquiring an additional 539,779 shares in the last quarter. Royce & Associates LP raised its stake in Montrose Environmental Group by 167.5% during the 1st quarter. Royce & Associates LP now owns 852,849 shares of the company's stock valued at $12,162,000 after acquiring an additional 533,986 shares in the last quarter. Millennium Management LLC raised its stake in shares of Montrose Environmental Group by 52.6% in the 4th 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 in the last quarter. Finally, Wellington Management Group LLP bought a new stake in shares of Montrose Environmental Group in the 4th quarter worth $6,135,000. Institutional investors and hedge funds own 87.87% of the company's stock.

Montrose Environmental Group Stock Up 5.0%

Shares of MEG stock traded up $1.07 on Tuesday, reaching $22.35. 224,832 shares of the company's stock traded hands, compared to its average volume of 459,876. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $34.56. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.05 and a current ratio of 2.05. The company has a market capitalization of $774.65 million, a P/E ratio of -9.59, a price-to-earnings-growth ratio of 7.22 and a beta of 1.90. The business's 50 day moving average price is $22.08 and its two-hundred day moving average price is $18.92.

Montrose Environmental Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 7th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Separately, Needham & Company LLC lifted their target price 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 given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus 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.