Bank of New York Mellon Corp Cuts Stock Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Key Points

• Bank of New York Mellon Corp significantly reduced its stake in Montrose Environmental Group by 64.6%, owning 170,592 shares worth approximately $2.43 million.
• Montrose Environmental Group's board has initiated a $40 million stock buyback program, which may indicate that the board believes the company's shares are undervalued.
• Analysts have increased their price target for Montrose Environmental Group from $28.00 to $30.00 and maintain a consensus rating of "Moderate Buy" with a target price of $31.80.

Bank of New York Mellon Corp trimmed its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 64.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,592 shares of the company's stock after selling 311,573 shares during the quarter. Bank of New York Mellon Corp owned about 0.49% of Montrose Environmental Group worth $2,433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Montrose Environmental Group by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,096 shares of the company's stock valued at $336,000 after purchasing an additional 636 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Montrose Environmental Group by 1.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company's stock valued at $1,686,000 after purchasing an additional 1,108 shares during the last quarter. Walleye Capital LLC grew its position in Montrose Environmental Group by 2.3% during 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. Rhumbline Advisers grew its position in Montrose Environmental Group by 4.3% during the 1st quarter. Rhumbline Advisers now owns 45,101 shares of the company's stock valued at $643,000 after purchasing an additional 1,875 shares during the last quarter. Finally, Quarry LP purchased a new stake in Montrose Environmental Group during the 4th quarter valued at about $36,000. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Stock Performance

Shares of MEG traded down $0.82 on Friday, reaching $21.87. The company's stock had a trading volume of 53,255 shares, compared to its average volume of 460,135. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.05 and a quick ratio of 2.05. The stock has a market capitalization of $758.01 million, a P/E ratio of -9.43, a PEG ratio of 7.80 and a beta of 1.90. The stock's 50 day simple moving average is $22.01 and its two-hundred day simple moving average is $18.98. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $34.56.

Montrose Environmental Group declared that its board has initiated a share repurchase program on Wednesday, May 7th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC raised their price target 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 issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.