Cubist Systematic Strategies LLC Purchases 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 boosted its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 26.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 approximately 0.99% of Montrose Environmental Group worth $4,891,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. AlphaQuest LLC boosted its holdings in shares of Montrose Environmental Group by 569.3% during the 1st quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock worth $58,000 after buying an additional 3,484 shares during the period. Brooklyn Investment Group bought a new stake in shares of Montrose Environmental Group in the 1st quarter valued at $79,000. Radnor Capital Management LLC acquired a new position in shares of Montrose Environmental Group during the 1st quarter valued at $147,000. Synovus Financial Corp acquired a new position in Montrose Environmental Group during the first quarter worth $174,000. Finally, B. Metzler seel. Sohn & Co. AG increased its holdings in Montrose Environmental Group by 19.1% during the first quarter. B. Metzler seel. Sohn & Co. AG now owns 13,463 shares of the company's stock worth $192,000 after buying an additional 2,161 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Montrose Environmental Group Trading Down 3.6%

NYSE MEG traded down $1.05 on Tuesday, reaching $28.16. 107,573 shares of the company were exchanged, compared to its average volume of 475,828. The business's fifty day moving average price is $25.29 and its 200 day moving average price is $20.25. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $32.00. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $993.59 million, a P/E ratio of -18.61, a price-to-earnings-growth ratio of 3.03 and a beta of 1.84.

Analyst Ratings Changes

Several brokerages have issued reports on MEG. Wall Street Zen upgraded 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 from $30.00) on shares of Montrose Environmental Group in a report on Friday, August 8th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Montrose Environmental Group has a consensus rating of "Moderate Buy" and an average target price 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.