Montrose Environmental Group, Inc. (NYSE:MEG) Shares Acquired by Holcombe Financial Inc.

Holcombe Financial Inc. increased its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 45.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,651 shares of the company's stock after buying an additional 14,866 shares during the period. Montrose Environmental Group comprises approximately 0.6% of Holcombe Financial Inc.'s holdings, making the stock its 20th biggest holding. Holcombe Financial Inc. owned about 0.14% of Montrose Environmental Group worth $680,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bamco Inc. NY grew its holdings in Montrose Environmental Group by 84.5% during 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Montrose Environmental Group by 3.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company's stock worth $42,316,000 after acquiring an additional 67,280 shares in the last quarter. Bank of America Corp DE grew its holdings in Montrose Environmental Group by 42.2% during the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock worth $33,743,000 after acquiring an additional 539,779 shares in the last quarter. Vanguard Group Inc. grew its holdings in Montrose Environmental Group by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company's stock worth $33,437,000 after acquiring an additional 11,211 shares in the last quarter. Finally, William Blair Investment Management LLC grew its holdings in Montrose Environmental Group by 175.0% during the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after acquiring an additional 934,938 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Stock Performance

Shares of NYSE MEG traded down $0.09 during midday trading on Friday, hitting $22.31. The company's stock had a trading volume of 113,705 shares, compared to its average volume of 549,758. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $41.00. The firm's fifty day moving average price is $19.98 and its 200-day moving average price is $18.46. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.05 and a current ratio of 2.05. The firm has a market cap of $773.26 million, a P/E ratio of -9.62, a P/E/G ratio of 8.20 and a beta of 1.90.

Montrose Environmental Group declared that its board has approved a stock buyback plan on Wednesday, May 7th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its stock is 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 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 MarketBeat.com, Montrose Environmental Group has a consensus rating of "Moderate Buy" and an average 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.