Holcombe Financial Inc. Buys 14,866 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Holcombe Financial Inc. increased its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 45.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 47,651 shares of the company's stock after purchasing an additional 14,866 shares during the period. Montrose Environmental Group makes up about 0.6% of Holcombe Financial Inc.'s investment portfolio, making the stock its 20th largest position. Holcombe Financial Inc. owned about 0.14% of Montrose Environmental Group worth $680,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Quarry LP bought a new stake in Montrose Environmental Group in the fourth quarter worth $36,000. PNC Financial Services Group Inc. increased its position in Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock valued at $118,000 after acquiring an additional 1,898 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Montrose Environmental Group during the fourth quarter valued at $130,000. Radnor Capital Management LLC bought a new position in Montrose Environmental Group during the first quarter valued at $147,000. Finally, B. Metzler seel. Sohn & Co. AG increased its position in Montrose Environmental Group by 40.0% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 11,302 shares of the company's stock valued at $210,000 after acquiring an additional 3,231 shares during the last quarter. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Trading Down 0.4%

MEG stock traded down $0.09 during mid-day trading on Friday, reaching $22.31. 113,705 shares of the stock traded hands, compared to its average volume of 549,758. The business has a 50-day moving average price of $19.98 and a two-hundred day moving average price of $18.49. 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 stock has a market capitalization of $773.26 million, a PE ratio of -9.62, a PEG ratio of 8.20 and a beta of 1.90. Montrose Environmental Group, Inc. has a one year low of $10.51 and a one year high of $41.00.

Montrose Environmental Group declared that its board has approved a share buyback program on Wednesday, May 7th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Separately, Needham & Company LLC boosted their price objective on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $31.80.

Montrose Environmental Group 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.