Squarepoint Ops LLC Sells 92,879 Shares of Montrose Environmental Group, Inc. (NYSE:MEG)

Squarepoint Ops LLC trimmed its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 35.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 170,498 shares of the company's stock after selling 92,879 shares during the quarter. Squarepoint Ops LLC owned about 0.50% of Montrose Environmental Group worth $3,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bamco Inc. NY boosted its stake in Montrose Environmental Group by 84.5% during the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock valued at $42,528,000 after purchasing an additional 1,050,000 shares in the last quarter. William Blair Investment Management LLC boosted its stake in Montrose Environmental Group by 175.0% during the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock valued at $27,255,000 after purchasing an additional 934,938 shares in the last quarter. Bank of America Corp DE boosted its stake in Montrose Environmental Group by 42.2% during the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock valued at $33,743,000 after purchasing an additional 539,779 shares in the last quarter. Millennium Management LLC boosted its stake in Montrose Environmental Group by 52.6% during the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock valued at $26,744,000 after purchasing an additional 496,661 shares in the last quarter. Finally, Wellington Management Group LLP bought a new position in Montrose Environmental Group during the 4th quarter valued at $6,135,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MEG. Needham & Company LLC increased their price target on Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Evercore ISI reduced their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $31.80.

Montrose Environmental Group Stock Down 1.0%

MEG traded down $0.20 during trading on Friday, reaching $19.56. 283,583 shares of the stock traded hands, compared to its average volume of 538,575. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $49.66. The stock's 50-day simple moving average is $15.76 and its two-hundred day simple moving average is $17.74. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market cap of $678.03 million, a price-to-earnings ratio of -13.13 and a beta of 1.80.

Montrose Environmental Group announced that its Board of Directors has approved a stock buyback program on Wednesday, May 7th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management 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.