Conestoga Capital Advisors LLC Grows Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Conestoga Capital Advisors LLC boosted its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 33.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 70,225 shares of the company's stock after purchasing an additional 17,670 shares during the period. Conestoga Capital Advisors LLC owned approximately 0.20% of Montrose Environmental Group worth $1,001,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MEG. Janney Montgomery Scott LLC increased its holdings in shares of Montrose Environmental Group by 156.8% during the 1st 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. Radnor Capital Management LLC acquired a new stake in Montrose Environmental Group during the first quarter worth about $147,000. Rhumbline Advisers raised its holdings in shares of Montrose Environmental Group by 4.3% in the 1st quarter. Rhumbline Advisers now owns 45,101 shares of the company's stock worth $643,000 after purchasing an additional 1,875 shares during the period. Wellington Management Group LLP acquired a new position in shares of Montrose Environmental Group in the 4th quarter valued at about $6,135,000. Finally, Paradigm Capital Management Inc. NY acquired a new stake in Montrose Environmental Group during the 4th quarter worth approximately $1,855,000. Institutional investors and hedge funds own 87.87% of the company's stock.

Montrose Environmental Group Trading Up 3.0%

Shares of MEG opened at $23.64 on Tuesday. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $49.66. The stock's 50-day moving average is $17.72 and its two-hundred day moving average is $18.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market cap of $819.39 million, a PE ratio of -15.86 and a beta of 1.89.

Montrose Environmental Group declared that its board has authorized a share buyback program on Wednesday, May 7th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Needham & Company LLC lifted their price target on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.80.

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.

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