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

Squarepoint Ops LLC cut its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 35.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 170,498 shares of the company's stock after selling 92,879 shares during the quarter. Squarepoint Ops LLC owned 0.50% of Montrose Environmental Group worth $3,163,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new position in shares of Montrose Environmental Group during the 4th quarter worth approximately $36,000. KBC Group NV grew its position in Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company's stock valued at $54,000 after purchasing an additional 1,613 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Montrose Environmental Group by 42.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock valued at $118,000 after purchasing an additional 1,898 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Montrose Environmental Group in the fourth quarter valued at $130,000. Finally, Wrapmanager Inc. grew its holdings in shares of Montrose Environmental Group by 12.8% in the 4th quarter. Wrapmanager Inc. now owns 10,105 shares of the company's stock valued at $187,000 after acquiring an additional 1,150 shares in the last quarter. 87.87% of the stock is owned by institutional investors.

Montrose Environmental Group Stock Performance

Montrose Environmental Group stock traded down $0.59 during midday trading on Thursday, reaching $19.75. 288,892 shares of the company's stock were exchanged, compared to its average volume of 537,070. Montrose Environmental Group, Inc. has a 52 week low of $10.51 and a 52 week high of $49.66. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.93 and a current ratio of 1.93. The firm has a market cap of $684.61 million, a price-to-earnings ratio of -13.25 and a beta of 1.80. The stock's 50-day simple moving average is $15.59 and its 200 day simple moving average is $17.80.

Montrose Environmental Group declared 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 shares. This buyback authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Evercore ISI decreased their price objective on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a report on Monday, February 10th. Needham & Company LLC raised 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $31.80.

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.