Millennium Management LLC Has $26.74 Million Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Millennium Management LLC increased its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 52.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,441,715 shares of the company's stock after purchasing an additional 496,661 shares during the quarter. Millennium Management LLC owned approximately 4.20% of Montrose Environmental Group worth $26,744,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new stake in shares of Montrose Environmental Group during the fourth quarter worth approximately $36,000. KBC Group NV boosted its holdings in shares of Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company's stock worth $54,000 after purchasing an additional 1,613 shares during the period. Avanza Fonder AB bought a new position in Montrose Environmental Group during the fourth quarter valued at approximately $105,000. PNC Financial Services Group Inc. raised 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 in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Montrose Environmental Group during the fourth quarter valued at approximately $130,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MEG. Needham & Company LLC raised 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. Evercore ISI cut their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a research report on Monday, February 10th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Montrose Environmental Group currently has an average rating of "Moderate Buy" and an average target price of $31.80.

Montrose Environmental Group Price Performance

Shares of MEG opened at $19.54 on Tuesday. The firm has a market cap of $677.33 million, a PE ratio of -13.11 and a beta of 1.80. The firm's 50 day moving average price is $15.04 and its 200 day moving average price is $17.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. Montrose Environmental Group, Inc. has a twelve month low of $10.51 and a twelve month high of $49.97.

Montrose Environmental Group declared that its board has approved a share buyback plan on Wednesday, May 7th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

About Montrose Environmental Group

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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