Montrose Environmental Group, Inc. (NYSE:MEG) Shares Purchased by Northern Trust Corp

Northern Trust Corp boosted its stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 22.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 583,522 shares of the company's stock after acquiring an additional 105,539 shares during the quarter. Northern Trust Corp owned 1.70% of Montrose Environmental Group worth $10,824,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MEG. JPMorgan Chase & Co. lifted its position in shares of Montrose Environmental Group by 159.2% in the third quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company's stock valued at $1,873,000 after acquiring an additional 43,739 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in Montrose Environmental Group in the 4th quarter valued at $322,000. New York State Common Retirement Fund lifted its holdings in Montrose Environmental Group by 54.7% in the 4th quarter. New York State Common Retirement Fund now owns 64,009 shares of the company's stock valued at $1,187,000 after purchasing an additional 22,621 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Montrose Environmental Group by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company's stock worth $4,926,000 after purchasing an additional 1,831 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Montrose Environmental Group during the 4th quarter worth $130,000. Hedge funds and other institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Trading Down 0.9%

Shares of MEG traded down $0.17 during midday trading on Wednesday, reaching $19.53. The company had a trading volume of 357,601 shares, compared to its average volume of 533,195. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $49.97. The stock has a market cap of $676.88 million, a PE ratio of -13.11 and a beta of 1.80. The firm has a 50 day simple moving average of $15.09 and a 200-day simple moving average of $17.94. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group declared that its Board of Directors has approved a share repurchase program on Wednesday, May 7th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Evercore ISI decreased their price target on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, February 10th. Needham & Company LLC increased their price objective on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company 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. According to data from MarketBeat.com, Montrose Environmental Group has an average rating of "Moderate Buy" and a consensus 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.