Synovus Financial Corp Invests $174,000 in Montrose Environmental Group, Inc. $MEG

Key Points

• Synovus Financial Corp has invested approximately $174,000 in Montrose Environmental Group by purchasing 12,233 shares during the first quarter of the year.
• A stock buyback program has been authorized by Montrose Environmental Group, allowing for the repurchase of $40 million in outstanding shares, indicating management's belief that the stock is undervalued.
• Montrose Environmental Group has received a "buy" rating from analysts, with a consensus target price of $32.00, suggesting positive outlook on the stock's future performance.

Synovus Financial Corp purchased a new stake in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 12,233 shares of the company's stock, valued at approximately $174,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MEG. Quarry LP purchased a new stake in shares of Montrose Environmental Group in the 4th quarter valued at about $36,000. AlphaQuest LLC raised its holdings in shares of Montrose Environmental Group by 569.3% in the 1st quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock valued at $58,000 after acquiring an additional 3,484 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Montrose Environmental Group in the 1st quarter valued at about $79,000. Radnor Capital Management LLC purchased a new stake in shares of Montrose Environmental Group in the 1st quarter valued at about $147,000. Finally, Natixis Advisors LLC purchased a new stake in shares of Montrose Environmental Group in the 1st quarter valued at about $254,000. Hedge funds and other institutional investors own 87.87% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on MEG shares. Needham & Company LLC reissued a "buy" rating and set a $31.00 price objective (up from $30.00) on shares of Montrose Environmental Group in a report on Friday, August 8th. Wall Street Zen raised Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Montrose Environmental Group currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

Montrose Environmental Group Trading Down 5.3%

MEG traded down $1.63 on Wednesday, hitting $29.05. 200,232 shares of the company were exchanged, compared to its average volume of 478,190. The firm has a fifty day simple moving average of $24.70 and a two-hundred day simple moving average of $19.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.78 and a current ratio of 1.78. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $33.04. The stock has a market capitalization of $1.02 billion, a PE ratio of -19.24, a price-to-earnings-growth ratio of 2.64 and a beta of 1.84.

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 outstanding shares. This repurchase authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.

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.