Janney Montgomery Scott LLC Has $636,000 Stock Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

Janney Montgomery Scott LLC increased its stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 156.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,608 shares of the company's stock after acquiring an additional 27,237 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.13% of Montrose Environmental Group worth $636,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of MEG. Bamco Inc. NY grew its stake in Montrose Environmental Group by 84.5% in the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock valued at $42,528,000 after purchasing an additional 1,050,000 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of 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 purchasing an additional 934,938 shares during the last quarter. Bank of America Corp DE lifted its position in shares of 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 purchasing an additional 539,779 shares during the last quarter. Millennium Management LLC raised its holdings in Montrose Environmental Group by 52.6% in the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock valued at $26,744,000 after acquiring an additional 496,661 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in Montrose Environmental Group in the 4th quarter valued at approximately $6,135,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC upped their price objective on Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a research note 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.80.

Montrose Environmental Group Price Performance

Shares of MEG stock traded down $0.09 during trading hours on Friday, hitting $22.31. The company had a trading volume of 113,705 shares, compared to its average volume of 549,758. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $41.00. The firm has a market capitalization of $773.26 million, a price-to-earnings ratio of -9.62, a PEG ratio of 8.20 and a beta of 1.90. The firm's fifty day moving average is $19.98 and its 200 day moving average is $18.47. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.05 and a current ratio of 2.05.

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

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.