Lane Generational LLC Buys 13,213 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Lane Generational LLC lifted its stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 27.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,779 shares of the company's stock after purchasing an additional 13,213 shares during the quarter. Montrose Environmental Group comprises approximately 1.0% of Lane Generational LLC's holdings, making the stock its 26th largest position. Lane Generational LLC owned 0.18% of Montrose Environmental Group worth $881,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MEG. Bamco Inc. NY boosted its position in shares of Montrose Environmental Group by 84.5% in the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after purchasing an additional 1,050,000 shares in the last quarter. Bank of America Corp DE raised its position in shares of Montrose Environmental Group by 42.2% in 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 position in shares of Montrose Environmental Group by 52.6% in the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock worth $26,744,000 after purchasing an additional 496,661 shares during the last quarter. Wellington Management Group LLP purchased a new position in shares of Montrose Environmental Group in the 4th quarter worth about $6,135,000. Finally, Granite Investment Partners LLC raised its position in shares of Montrose Environmental Group by 61.9% in the 4th quarter. Granite Investment Partners LLC now owns 846,834 shares of the company's stock worth $15,709,000 after purchasing an additional 323,868 shares during the last quarter. 87.87% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Needham & Company LLC lifted their price target on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.80.

Montrose Environmental Group Stock Up 1.5%

Shares of MEG traded up $0.35 on Friday, hitting $23.47. 200,594 shares of the stock traded hands, compared to its average volume of 327,962. The company has a market capitalization of $813.30 million, a PE ratio of -10.11, a P/E/G ratio of 8.23 and a beta of 1.90. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.05 and a current ratio of 2.05. The business has a 50 day simple moving average of $21.78 and a 200 day simple moving average of $18.93. Montrose Environmental Group, Inc. has a one year low of $10.51 and a one year high of $34.56.

Montrose Environmental Group declared that its Board of Directors 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 buy up to 7.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its shares are 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.