Stephens Investment Management Group LLC cut its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 3.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 454,273 shares of the company's stock after selling 18,354 shares during the quarter. Stephens Investment Management Group LLC owned about 1.31% of Montrose Environmental Group worth $6,478,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. Quarry LP bought a new position in shares of Montrose Environmental Group in the fourth quarter valued at approximately $36,000. PNC Financial Services Group Inc. raised its position in shares of 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 during the period. KLP Kapitalforvaltning AS bought a new position in shares of Montrose Environmental Group in the fourth quarter valued at approximately $130,000. Radnor Capital Management LLC bought a new position in Montrose Environmental Group during the first quarter worth $147,000. Finally, B. Metzler seel. Sohn & Co. AG increased its position in Montrose Environmental Group by 40.0% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 11,302 shares of the company's stock worth $210,000 after acquiring an additional 3,231 shares during the period. Institutional investors own 87.87% of the company's stock.
Montrose Environmental Group Trading Down 2.1%
Shares of MEG stock opened at $23.07 on Monday. Montrose Environmental Group, Inc. has a 1 year low of $10.51 and a 1 year high of $40.84. The firm's fifty day simple moving average is $20.79 and its 200 day simple moving average is $18.70. The firm has a market capitalization of $799.43 million, a P/E ratio of -9.94, a price-to-earnings-growth ratio of 8.07 and a beta of 1.90. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.58.
Montrose Environmental Group announced that its board has authorized a share 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 reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.
Wall Street Analyst Weigh In
Separately, Needham & Company LLC boosted their target price on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $31.80.
Check Out Our Latest Report on Montrose Environmental Group
About Montrose Environmental Group
(
Free Report)
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.
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