28,500 Shares in Montrose Environmental Group, Inc. $MEG Purchased by Versor Investments LP

Key Points

• Versor Investments LP has acquired a new stake of 28,500 shares in Montrose Environmental Group, Inc., valued at approximately $406,000, as reported in their SEC filing.
• Montrose Environmental Group has initiated a stock buyback program of $40 million to repurchase up to 7.7% of its shares, indicating the board's belief that the shares are undervalued.
• Analysts have rated Montrose Environmental Group with a consensus of "Moderate Buy" and a price target of $32.00, reflecting positive sentiment about the company's stock potential.

Versor Investments LP acquired a new stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 28,500 shares of the company's stock, valued at approximately $406,000. Versor Investments LP owned 0.08% of Montrose Environmental Group at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Quarry LP bought a new position in Montrose Environmental Group in the 4th quarter worth $36,000. Radnor Capital Management LLC bought a new position in Montrose Environmental Group in the 1st quarter worth $147,000. Natixis Advisors LLC bought a new position in Montrose Environmental Group in the 1st quarter worth $254,000. Oppenheimer Asset Management Inc. boosted its holdings in Montrose Environmental Group by 23.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 19,023 shares of the company's stock worth $271,000 after buying an additional 3,598 shares during the period. Finally, Corton Capital Inc. bought a new position in Montrose Environmental Group in the 4th quarter worth $277,000. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Price Performance

MEG stock traded down $0.19 during mid-day trading on Tuesday, hitting $29.17. The company had a trading volume of 427,728 shares, compared to its average volume of 595,506. The company has a 50-day moving average price of $23.82 and a 200 day moving average price of $19.53. The company has a quick ratio of 1.78, a current ratio of 1.78 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $34.11. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -19.32, a P/E/G ratio of 2.49 and a beta of 1.90.

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

Analysts Set New Price Targets

MEG has been the topic of several research analyst reports. 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 research note on Friday, August 8th. Wall Street Zen upgraded shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.00.

Montrose Environmental Group 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.