Nuveen LLC Invests $6.89 Million in Montrose Environmental Group, Inc. $MEG

Key Points

• Nuveen LLC invested approximately $6.89 million in Montrose Environmental Group, acquiring 482,923 shares, amounting to 1.39% ownership by the end of the latest reporting period.
• The company's Board of Directors has initiated a $40 million share buyback plan, indicating they believe the stock is undervalued.
• Analysts have a Moderate Buy average rating for Montrose Environmental Group, with a target price of $32.00, based on recent upgrades from firms including Needham & Company LLC.

Nuveen LLC acquired a new stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 482,923 shares of the company's stock, valued at approximately $6,886,000. Nuveen LLC owned approximately 1.39% of Montrose Environmental Group at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Montrose Environmental Group by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,096 shares of the company's stock valued at $336,000 after acquiring an additional 636 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Montrose Environmental Group by 1.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company's stock valued at $1,686,000 after acquiring an additional 1,108 shares in the last quarter. Rhumbline Advisers grew its stake in Montrose Environmental Group by 4.3% during the first quarter. Rhumbline Advisers now owns 45,101 shares of the company's stock valued at $643,000 after acquiring an additional 1,875 shares in the last quarter. Quarry LP purchased a new position in Montrose Environmental Group during the fourth quarter valued at approximately $36,000. Finally, MetLife Investment Management LLC grew its stake in Montrose Environmental Group by 14.6% during the fourth quarter. MetLife Investment Management LLC now owns 21,065 shares of the company's stock valued at $391,000 after acquiring an additional 2,680 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Needham & Company LLC reiterated a "buy" rating and set a $31.00 target price (up from $30.00) on shares of Montrose Environmental Group in a research report on Friday, August 8th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average target price of $32.00.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock traded up $1.06 during mid-day trading on Friday, hitting $31.19. 345,293 shares of the company traded hands, compared to its average volume of 610,786. Montrose Environmental Group, Inc. has a one year low of $10.51 and a one year high of $34.09. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -20.66, a price-to-earnings-growth ratio of 2.64 and a beta of 1.90. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.78 and a current ratio of 1.78. The stock has a fifty day moving average price of $24.31 and a 200-day moving average price of $19.76.

Montrose Environmental Group announced that its Board of Directors has authorized a share buyback program on Wednesday, May 7th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Montrose Environmental Group 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.