Blair William & Co. IL Sells 312,391 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Key Points

• Blair William & Co. IL has reduced its holdings in Montrose Environmental Group by 48.3%, now owning 334,221 shares valued at approximately $4.77 million.
• Montrose Environmental Group's Board of Directors approved a $40 million share buyback plan, which could potentially signal the company's belief in its stock being undervalued.
• Wall Street analysts have raised the target price for Montrose Environmental Group from $28.00 to $30.00, with a "buy" rating and an average price target of $31.80.

Blair William & Co. IL lowered its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 48.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 334,221 shares of the company's stock after selling 312,391 shares during the period. Blair William & Co. IL owned about 0.96% of Montrose Environmental Group worth $4,766,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Bamco Inc. NY raised its stake in shares of Montrose Environmental Group by 84.5% during the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock valued at $42,528,000 after acquiring an additional 1,050,000 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Montrose Environmental Group by 3.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company's stock valued at $42,316,000 after buying an additional 67,280 shares during the period. Bank of America Corp DE lifted its position in shares of Montrose Environmental Group by 42.2% in the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock worth $33,743,000 after purchasing an additional 539,779 shares during the period. Vanguard Group Inc. boosted its position in Montrose Environmental Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company's stock valued at $33,437,000 after acquiring an additional 11,211 shares during the last quarter. Finally, Millennium Management LLC raised its position 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 acquiring an additional 496,661 shares in the last quarter. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Stock Up 6.4%

Shares of MEG stock traded up $1.56 on Friday, reaching $26.09. 943,720 shares of the company were exchanged, compared to its average volume of 470,580. The company has a 50-day moving average of $22.26 and a 200-day moving average of $18.98. Montrose Environmental Group, Inc. has a one year low of $10.51 and a one year high of $34.56. 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 company has a market cap of $904.28 million, a price-to-earnings ratio of -17.28, a PEG ratio of 7.94 and a beta of 1.90.

Montrose Environmental Group declared that its Board of Directors has initiated a share repurchase plan 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 plans are usually a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

Separately, Needham & Company LLC lifted their target price on Montrose Environmental Group from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Friday. 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, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average price target of $32.00.

About Montrose Environmental Group

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.