Montrose Environmental Group, Inc. (NYSE:MEG) Position Raised by Northern Trust Corp

Northern Trust Corp lifted its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 22.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 583,522 shares of the company's stock after purchasing an additional 105,539 shares during the period. Northern Trust Corp owned about 1.70% of Montrose Environmental Group worth $10,824,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of MEG. Quarry LP acquired a new stake in Montrose Environmental Group during the fourth quarter worth about $36,000. KBC Group NV raised its stake in 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 acquiring an additional 1,613 shares during the period. Avanza Fonder AB acquired a new stake in Montrose Environmental Group during the fourth quarter worth about $105,000. PNC Financial Services Group Inc. raised its stake 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 worth $118,000 after acquiring an additional 1,898 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in Montrose Environmental Group during the fourth quarter worth about $130,000. Institutional investors own 87.87% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MEG. Evercore ISI dropped 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 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 stock a "buy" rating in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $31.80.

Montrose Environmental Group Stock Performance

Shares of NYSE:MEG traded down $0.43 during trading hours on Friday, hitting $19.29. The stock had a trading volume of 335,089 shares, compared to its average volume of 534,993. The stock's fifty day simple moving average is $15.28 and its 200 day simple moving average is $17.86. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $49.66. The firm has a market capitalization of $668.56 million, a price-to-earnings ratio of -12.94 and a beta of 1.80. 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 announced that its Board of Directors has approved a stock repurchase 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Montrose Environmental Group Company 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.