Vanguard Group Inc. Sells 18,670 Shares of Montrose Environmental Group, Inc. $MEG

Key Points

• Vanguard Group Inc. has reduced its stake in Montrose Environmental Group by 1.0%, now holding approximately 1,783,881 shares valued at $25.4 million.
• Montrose Environmental Group has authorized a stock buyback plan of up to $40 million, indicating management's belief that the stock may be undervalued.
• Analysts have generally given a positive outlook on the company, with a consensus rating of "Moderate Buy" and an average price target set at $32.00.

Vanguard Group Inc. reduced its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,783,881 shares of the company's stock after selling 18,670 shares during the period. Vanguard Group Inc. owned about 5.15% of Montrose Environmental Group worth $25,438,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Quarry LP purchased a new position in shares of Montrose Environmental Group in the fourth quarter worth approximately $36,000. Radnor Capital Management LLC acquired a new stake in shares of Montrose Environmental Group during the first quarter worth approximately $147,000. Corton Capital Inc. acquired a new stake in shares of Montrose Environmental Group during the fourth quarter worth approximately $277,000. Wells Fargo & Company MN boosted its holdings in shares of Montrose Environmental Group by 47.3% during the fourth quarter. Wells Fargo & Company MN now owns 15,474 shares of the company's stock worth $287,000 after purchasing an additional 4,966 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in shares of Montrose Environmental Group during the fourth quarter worth approximately $305,000. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Stock Down 6.6%

NYSE MEG traded down $2.02 during trading on Wednesday, reaching $28.65. The company's stock had a trading volume of 403,625 shares, compared to its average volume of 591,898. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $1.01 billion, a PE ratio of -18.97, a PEG ratio of 2.64 and a beta of 1.84. The business has a 50-day moving average price of $24.84 and a 200-day moving average price of $19.99. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $33.04.

Montrose Environmental Group announced that its board has initiated a share buyback plan on Wednesday, May 7th that allows the company to repurchase $40.00 million in shares. This repurchase authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms recently commented on MEG. Wall Street Zen upgraded shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC restated a "buy" rating and set a $31.00 price target (up 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.00.

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.