Global Alpha Capital Management Ltd. lifted its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 50.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 111,506 shares of the company's stock after purchasing an additional 37,616 shares during the quarter. Global Alpha Capital Management Ltd. owned about 0.32% of Montrose Environmental Group worth $1,590,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in MEG. Bamco Inc. NY increased its stake in shares of Montrose Environmental Group by 84.5% during the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after buying an additional 1,050,000 shares during the period. Bank of America Corp DE increased its stake 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 worth $33,743,000 after buying an additional 539,779 shares during the period. Royce & Associates LP increased its stake 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 worth $12,162,000 after buying an additional 533,986 shares during the period. Millennium Management LLC increased its stake 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 worth $26,744,000 after buying an additional 496,661 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of Montrose Environmental Group during the fourth quarter worth approximately $6,135,000. Institutional investors and hedge funds own 87.87% of the company's stock.
Montrose Environmental Group Stock Performance
Shares of NYSE MEG traded up $0.50 during mid-day trading on Thursday, hitting $28.39. 293,764 shares of the company were exchanged, compared to its average volume of 480,715. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.60. The stock has a 50 day simple moving average of $22.77 and a 200-day simple moving average of $19.07. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $34.56. The firm has a market cap of $1.00 billion, a price-to-earnings ratio of -18.81, a price-to-earnings-growth ratio of 6.64 and a beta of 1.90.
Montrose Environmental Group announced that its board has approved a share repurchase plan on Wednesday, May 7th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its shares are undervalued.
Analysts Set New Price Targets
MEG has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Needham & Company LLC restated a "buy" rating and set a $31.00 target price (up from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $32.00.
View Our Latest Stock Analysis on MEG
About Montrose Environmental Group
(
Free Report)
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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