Trexquant Investment LP Grows Stock Position in Montrose Environmental Group, Inc. $MEG

Key Points

• Trexquant Investment LP increased its stake in Montrose Environmental Group by 53.6%, acquiring an additional 59,829 shares during the first quarter, bringing its total ownership to 171,374 shares valued at approximately $2.44 million.
• Montrose Environmental Group's stock is currently rated as a "Moderate Buy" with a target price of $32.00, noted by multiple analysts, after recent upgrades from firms including Needham & Company LLC.
• The company has initiated a $40 million stock buyback program, allowing it to repurchase up to 7.7% of its outstanding shares, indicating the board's belief that the shares are undervalued.

Trexquant Investment LP grew its holdings in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 53.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 171,374 shares of the company's stock after purchasing an additional 59,829 shares during the quarter. Trexquant Investment LP owned about 0.49% of Montrose Environmental Group worth $2,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Montrose Environmental Group by 3.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,096 shares of the company's stock valued at $336,000 after purchasing an additional 636 shares during the period. Rhumbline Advisers lifted its stake in shares of Montrose Environmental Group by 4.3% in the 1st quarter. Rhumbline Advisers now owns 45,101 shares of the company's stock valued at $643,000 after purchasing an additional 1,875 shares during the period. B. Metzler seel. Sohn & Co. AG raised its stake in Montrose Environmental Group by 19.1% during the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 13,463 shares of the company's stock worth $192,000 after buying an additional 2,161 shares during the period. MetLife Investment Management LLC boosted its holdings in Montrose Environmental Group by 14.6% in the fourth quarter. MetLife Investment Management LLC now owns 21,065 shares of the company's stock worth $391,000 after acquiring an additional 2,680 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in Montrose Environmental Group by 569.3% in the first quarter. AlphaQuest LLC now owns 4,096 shares of the company's stock worth $58,000 after acquiring an additional 3,484 shares in the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.

Montrose Environmental Group Stock Up 3.4%

Shares of MEG stock traded up $0.99 during trading hours on Friday, reaching $30.31. The company had a trading volume of 378,741 shares, compared to its average volume of 543,288. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $32.00. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.78 and a quick ratio of 1.78. The business has a fifty day simple moving average of $25.15 and a 200-day simple moving average of $20.16. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -20.07, a price-to-earnings-growth ratio of 3.03 and a beta of 1.84.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC reiterated a "buy" rating and issued a $31.00 price target (up previously from $30.00) on shares of Montrose Environmental Group in a report on Friday, August 8th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average price target of $32.00.

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.