Cubist Systematic Strategies LLC Buys 70,884 Shares of Montrose Environmental Group, Inc. $MEG

Key Points

• Cubist Systematic Strategies LLC increased its stake in Montrose Environmental Group by 26.1%, purchasing an additional 70,884 shares, bringing its total ownership to 342,964 shares valued at $4.89 million.
• Montrose Environmental Group's board has approved a $40 million share repurchase plan, allowing the company to buy back up to 7.7% of its stock, signaling confidence in the perceived undervaluation of their shares.
• The stock has seen fluctuations, with a one-year low of $10.51 and a high of $33.04, recently valuing at $28.65 amidst analyst forecasts indicating a consensus rating of "Moderate Buy" with an average target price of $32.00.

Cubist Systematic Strategies LLC grew its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 26.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 342,964 shares of the company's stock after buying an additional 70,884 shares during the period. Cubist Systematic Strategies LLC owned 0.99% of Montrose Environmental Group worth $4,891,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Montrose Environmental Group by 3.0% during 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 increased its position in shares of Montrose Environmental Group by 42.2% during 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 period. Millennium Management LLC increased its position in shares of Montrose Environmental Group by 52.6% during the fourth quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock valued at $26,744,000 after buying an additional 496,661 shares during the period. Royce & Associates LP increased its position in shares of Montrose Environmental Group by 167.5% during the first quarter. Royce & Associates LP now owns 852,849 shares of the company's stock valued at $12,162,000 after buying an additional 533,986 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Montrose Environmental Group by 40.5% in the fourth quarter. Janus Henderson Group PLC now owns 681,067 shares of the company's stock worth $12,634,000 after purchasing an additional 196,262 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

Montrose Environmental Group Stock Down 6.6%

Shares of NYSE MEG opened at $28.65 on Thursday. Montrose Environmental Group, Inc. has a one year low of $10.51 and a one year high of $33.04. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.78 and a quick ratio of 1.78. The firm's 50 day simple moving average is $24.84 and its two-hundred day simple moving average is $19.99. The stock has a market capitalization of $1.01 billion, a P/E ratio of -18.97, a PEG ratio of 2.64 and a beta of 1.84.

Montrose Environmental Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 7th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of 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 note on Saturday, August 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $31.00 target price (up from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of "Moderate Buy" and an average target price 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.

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