Candriam S.C.A. Decreases Stock Holdings in Montrose Environmental Group, Inc. $MEG

Key Points

• Candriam S.C.A. has significantly reduced its stake in Montrose Environmental Group by 36.5%, selling 37,399 shares, and now holds approximately 0.19% of the company valued at $927,000.
• The stock has been recently upgraded by analysts, with a target price now set at $31.00 by Needham & Company LLC, and an average price target of $32.00 across various ratings.
• Montrose Environmental Group has announced a stock repurchase program for up to $40 million, reflecting the company's belief in the undervaluation of its shares.

Candriam S.C.A. decreased its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 36.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 65,000 shares of the company's stock after selling 37,399 shares during the quarter. Candriam S.C.A. owned approximately 0.19% of Montrose Environmental Group worth $927,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Bamco Inc. NY raised 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 purchasing 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 Montrose Environmental Group by 3.0% during the 4th 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 purchasing an additional 67,280 shares in the last quarter. Bank of America Corp DE raised its holdings in Montrose Environmental Group by 42.2% in 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 raised its holdings in Montrose Environmental Group by 52.6% in 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. Finally, Royce & Associates LP lifted its stake in shares of Montrose Environmental Group by 167.5% in the first quarter. Royce & Associates LP now owns 852,849 shares of the company's stock worth $12,162,000 after buying an additional 533,986 shares in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Price Performance

MEG stock traded up $0.71 during trading on Friday, reaching $30.84. The company's stock had a trading volume of 196,512 shares, compared to its average volume of 479,219. The company has a market capitalization of $1.09 billion, a P/E ratio of -20.42, a price-to-earnings-growth ratio of 2.55 and a beta of 1.90. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a 1 year low of $10.51 and a 1 year high of $34.09. The company's fifty day moving average is $24.13 and its 200-day moving average is $19.67.

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MEG shares. Wall Street Zen raised shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Needham & Company LLC reissued a "buy" rating and issued a $31.00 target price (up previously from $30.00) on shares of Montrose Environmental Group in a report on Friday, August 8th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of "Moderate Buy" and an average price target of $32.00.

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.