DekaBank Deutsche Girozentrale Sells 34,897 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

DekaBank Deutsche Girozentrale decreased its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 470,800 shares of the company's stock after selling 34,897 shares during the quarter. DekaBank Deutsche Girozentrale owned 1.36% of Montrose Environmental Group worth $6,713,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bamco Inc. NY boosted its holdings in shares of Montrose Environmental Group by 84.5% in the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after acquiring an additional 1,050,000 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Montrose Environmental Group by 175.0% in the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock valued at $27,255,000 after buying an additional 934,938 shares in the last quarter. Bank of America Corp DE increased its position in shares of Montrose Environmental Group by 42.2% in the 4th 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 in the last quarter. Millennium Management LLC increased its holdings in Montrose Environmental Group by 52.6% during the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock worth $26,744,000 after purchasing an additional 496,661 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of Montrose Environmental Group during the 4th quarter worth about $6,135,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Montrose Environmental Group Stock Down 0.7%

MEG traded down $0.17 during midday trading on Tuesday, hitting $22.78. The company had a trading volume of 381,353 shares, compared to its average volume of 546,646. Montrose Environmental Group, Inc. has a 52 week low of $10.51 and a 52 week high of $40.84. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $789.49 million, a price-to-earnings ratio of -9.82, a PEG ratio of 8.07 and a beta of 1.90. The stock's 50 day moving average price is $20.95 and its 200 day moving average price is $18.74.

Montrose Environmental Group declared that its board has authorized a share buyback plan on Wednesday, May 7th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase 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.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC raised their price objective on shares of 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 research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Montrose Environmental Group currently has an average rating of "Moderate Buy" and a consensus target price 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.