Cladis Investment Advisory LLC Acquires 13,600 Shares of Montrose Environmental Group, Inc. $MEG

Key Points

• Cladis Investment Advisory LLC increased its holdings in Montrose Environmental Group by 25.1%, acquiring an additional 13,600 shares, bringing their total to 67,750 shares valued at approximately $966,000.
• Montrose Environmental Group's Board approved a $40 million stock repurchase program, indicating management believes the stock is undervalued.
• The company's stock has a 52-week range between $10.51 and $34.56, and analysts have a consensus rating of "Moderate Buy" with a price target of $32.00.

Cladis Investment Advisory LLC grew its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 25.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 67,750 shares of the company's stock after acquiring an additional 13,600 shares during the quarter. Cladis Investment Advisory LLC owned about 0.20% of Montrose Environmental Group worth $966,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Rhumbline Advisers boosted its position in shares of 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 acquiring an additional 1,875 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Montrose Environmental Group by 156.8% in the first quarter. Janney Montgomery Scott LLC now owns 44,608 shares of the company's stock worth $636,000 after buying an additional 27,237 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Montrose Environmental Group in the first quarter worth $627,000. Oppenheimer Asset Management Inc. lifted its position in Montrose Environmental Group by 23.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 19,023 shares of the company's stock worth $271,000 after buying an additional 3,598 shares during the last quarter. Finally, Natixis Advisors LLC bought a new stake in Montrose Environmental Group in the first quarter worth $254,000. 87.87% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MEG. Needham & Company LLC restated a "buy" rating and issued a $31.00 price target (up from $30.00) on shares of Montrose Environmental Group in a research report on Friday, August 8th. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

Montrose Environmental Group Trading Up 7.3%

Shares of NYSE:MEG traded up $2.0440 on Friday, hitting $30.0240. 549,870 shares of the company's stock were exchanged, compared to its average volume of 568,230. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $34.56. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -19.88, a price-to-earnings-growth ratio of 2.37 and a beta of 1.90. The business's 50 day simple moving average is $23.58 and its two-hundred day simple moving average is $19.42. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.78 and a quick ratio of 1.78.

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 purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

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.