Montrose Environmental Group, Inc. (NYSE:MEG) Stake Lowered by Nuveen Asset Management LLC

Nuveen Asset Management LLC lowered its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 38.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 353,064 shares of the company's stock after selling 219,148 shares during the quarter. Nuveen Asset Management LLC owned 1.03% of Montrose Environmental Group worth $6,549,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of MEG. Bamco Inc. NY lifted its stake in shares of Montrose Environmental Group by 84.5% during the fourth 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. William Blair Investment Management LLC increased its position in shares of Montrose Environmental Group by 175.0% during the fourth quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after acquiring an additional 934,938 shares during the last quarter. Bank of America Corp DE increased 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 acquiring an additional 539,779 shares during the last quarter. Millennium Management LLC increased its position in shares of Montrose Environmental Group by 52.6% during the fourth quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock worth $26,744,000 after acquiring an additional 496,661 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Montrose Environmental Group during the fourth quarter worth about $6,135,000. Institutional investors and hedge funds own 87.87% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MEG. Evercore ISI dropped their target price on 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. Needham & Company LLC lifted their target price 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 analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.80.

Montrose Environmental Group Stock Up 3.4%

NYSE MEG traded up $0.66 on Monday, hitting $20.19. 255,571 shares of the stock traded hands, compared to its average volume of 537,438. The stock has a 50-day moving average of $15.76 and a 200 day moving average of $17.72. Montrose Environmental Group, Inc. has a twelve month low of $10.51 and a twelve month high of $49.66. The company has a market capitalization of $699.73 million, a P/E ratio of -13.55 and a beta of 1.80. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 7th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the company to buy up to 7.7% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is 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.