Montrose Environmental Group, Inc. (NYSE:MEG) Shares Bought by Millennium Management LLC

Millennium Management LLC lifted its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 52.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,441,715 shares of the company's stock after purchasing an additional 496,661 shares during the period. Millennium Management LLC owned 4.20% of Montrose Environmental Group worth $26,744,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of MEG. Bamco Inc. NY raised its position in Montrose Environmental Group by 84.5% during 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 during the period. William Blair Investment Management LLC boosted its position 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 purchasing an additional 934,938 shares during the period. Bank of America Corp DE lifted its position 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 purchasing an additional 539,779 shares during the last quarter. Wellington Management Group LLP acquired a new position in Montrose Environmental Group in the 4th quarter worth approximately $6,135,000. Finally, Granite Investment Partners LLC lifted its holdings in shares of Montrose Environmental Group by 61.9% during the fourth quarter. Granite Investment Partners LLC now owns 846,834 shares of the company's stock valued at $15,709,000 after acquiring an additional 323,868 shares during the period. 87.87% of the stock is owned by institutional investors.

Montrose Environmental Group Price Performance

MEG stock traded down $0.43 during trading on Friday, hitting $19.29. The stock had a trading volume of 335,089 shares, compared to its average volume of 536,633. The company's 50 day moving average price is $15.28 and its two-hundred day moving average price is $17.77. The stock has a market cap of $668.56 million, a price-to-earnings ratio of -12.94 and a beta of 1.80. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $49.66. 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 declared that its board has authorized a share buyback plan on Wednesday, May 7th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on MEG. Evercore ISI decreased their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a report on Monday, February 10th. Needham & Company LLC boosted their target price 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $31.80.

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.