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

Conestoga Capital Advisors LLC grew its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 33.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 70,225 shares of the company's stock after purchasing an additional 17,670 shares during the quarter. Conestoga Capital Advisors LLC owned approximately 0.20% of Montrose Environmental Group worth $1,001,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Bamco Inc. NY raised its position in Montrose Environmental Group by 84.5% in the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock valued at $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% 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 purchasing an additional 67,280 shares during the period. Bank of America Corp DE raised its holdings in shares of 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 valued at $33,743,000 after buying an additional 539,779 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Montrose Environmental Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company's stock worth $33,437,000 after buying an additional 11,211 shares during the period. Finally, William Blair Investment Management LLC grew its holdings in shares of Montrose Environmental Group by 175.0% during the fourth quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after buying an additional 934,938 shares during the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

Analyst Ratings Changes

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

Montrose Environmental Group Stock Performance

Shares of MEG stock traded down $0.57 during mid-day trading on Friday, hitting $21.80. The stock had a trading volume of 357,581 shares, compared to its average volume of 493,806. The firm has a market cap of $755.45 million, a PE ratio of -9.39 and a beta of 1.89. The company's 50-day simple moving average is $18.32 and its 200-day simple moving average is $18.09. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.05 and a quick ratio of 2.05. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $49.24.

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