Versor Investments LP Acquires Shares of 28,500 Montrose Environmental Group, Inc. $MEG

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 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 28,500 shares of the company's stock, valued at approximately $406,000. Versor Investments LP owned about 0.08% of Montrose Environmental Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Montrose Environmental Group by 3.6% during 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 last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Montrose Environmental Group by 1.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company's stock valued at $1,686,000 after purchasing an additional 1,108 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Montrose Environmental Group by 4.3% during 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 last quarter. Quarry LP bought a new position in shares of Montrose Environmental Group during the 4th quarter valued at about $36,000. Finally, MetLife Investment Management LLC boosted its holdings in shares of Montrose Environmental Group by 14.6% during the 4th quarter. MetLife Investment Management LLC now owns 21,065 shares of the company's stock valued at $391,000 after purchasing an additional 2,680 shares during the last quarter. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Stock Up 0.8%

Shares of NYSE MEG opened at $27.4460 on Thursday. 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 company has a market cap of $968.57 million, a P/E ratio of -18.18, a PEG ratio of 2.31 and a beta of 1.90. Montrose Environmental Group, Inc. has a 1 year low of $10.51 and a 1 year high of $34.56. The firm has a 50-day simple moving average of $23.35 and a two-hundred day simple moving average of $19.30.

Montrose Environmental Group announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 7th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

MEG has been the subject of a number of analyst reports. Wall Street Zen raised shares of Montrose Environmental Group from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $31.00 price objective (up from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average 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.

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