Nuveen Asset Management LLC Decreases Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

Nuveen Asset Management LLC decreased its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 38.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 353,064 shares of the company's stock after selling 219,148 shares during the period. Nuveen Asset Management LLC owned about 1.03% of Montrose Environmental Group worth $6,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Bamco Inc. NY increased its holdings in Montrose Environmental Group by 84.5% in the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock valued at $42,528,000 after acquiring an additional 1,050,000 shares during the last quarter. William Blair Investment Management LLC grew its stake in Montrose Environmental Group by 175.0% in the 4th 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 in the last quarter. Bank of America Corp DE grew its stake in 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 acquiring an additional 539,779 shares in the last quarter. Millennium Management LLC grew its stake in 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 acquiring an additional 496,661 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in Montrose Environmental Group in the 4th quarter worth about $6,135,000. 87.87% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Montrose Environmental Group Stock Performance

Shares of NYSE:MEG traded down $0.22 during midday trading on Wednesday, reaching $20.56. The company's stock had a trading volume of 212,542 shares, compared to its average volume of 538,042. The firm has a market capitalization of $712.69 million, a PE ratio of -13.80 and a beta of 1.80. Montrose Environmental Group, Inc. has a twelve month low of $10.51 and a twelve month high of $49.66. The stock has a fifty day moving average of $16.10 and a 200 day moving average of $17.77. 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 announced that its Board of Directors has initiated a share buyback program on Wednesday, May 7th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is 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.