Russell Investments Group Ltd. Increases Stake in Montrose Environmental Group, Inc. $MEG

Key Points

• Russell Investments Group Ltd. increased its stake in Montrose Environmental Group, Inc. by 201.9%, purchasing an additional 110,669 shares during the first quarter, resulting in ownership of approximately 0.48% of the company valued at $2.36 million.
• Montrose Environmental Group's board approved a stock repurchase program, allowing the company to buy back $40 million in outstanding shares, indicating that the board believes the stock may be undervalued.
• A consensus rating of "Moderate Buy" has been assigned to Montrose Environmental Group by analysts, with an average price target of $32.00 after several firms upgraded their ratings on the stock.

Russell Investments Group Ltd. raised its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 201.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 165,475 shares of the company's stock after purchasing an additional 110,669 shares during the quarter. Russell Investments Group Ltd. owned 0.48% of Montrose Environmental Group worth $2,360,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in MEG. Wells Fargo & Company MN lifted its holdings in Montrose Environmental Group by 47.3% during the fourth quarter. Wells Fargo & Company MN now owns 15,474 shares of the company's stock valued at $287,000 after purchasing an additional 4,966 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Montrose Environmental Group by 1.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company's stock worth $1,686,000 after buying an additional 1,108 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Montrose Environmental Group by 18.1% in the fourth quarter. Invesco Ltd. now owns 138,797 shares of the company's stock worth $2,575,000 after buying an additional 21,315 shares in the last quarter. Barclays PLC lifted its holdings in shares of Montrose Environmental Group by 6.8% in the fourth quarter. Barclays PLC now owns 57,229 shares of the company's stock worth $1,061,000 after buying an additional 3,654 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Montrose Environmental Group by 1.1% in the fourth quarter. First Trust Advisors LP now owns 712,917 shares of the company's stock worth $13,225,000 after buying an additional 7,789 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company's stock.

Wall Street Analyst Weigh In

MEG has been the topic of several research analyst reports. Needham & Company LLC reissued a "buy" rating and issued a $31.00 target price (up previously from $30.00) on shares of Montrose Environmental Group in a report on Friday, August 8th. Wall Street Zen raised shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Montrose Environmental Group currently has an average rating of "Moderate Buy" and an average price target of $32.00.

Montrose Environmental Group Price Performance

MEG traded up $1.06 during trading hours on Friday, hitting $31.19. The company's stock had a trading volume of 345,293 shares, compared to its average volume of 612,125. The business's 50-day moving average price is $24.31 and its 200-day moving average price is $19.77. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $34.09. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -20.66, a P/E/G ratio of 2.64 and a beta of 1.84. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 7th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are usually a sign 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.