Wellington Management Group LLP Sells 121,061 Shares of Montrose Environmental Group, Inc. $MEG

Key Points

• Wellington Management Group LLP reduced its stake in Montrose Environmental Group by 36.6% in the first quarter, now owning about 0.60% of the company valued at approximately $2.99 million.
• The company has authorized a $40 million stock buyback program to repurchase up to 7.7% of its shares, suggesting the board believes the stock is undervalued.
• Montrose Environmental Group has been rated with a consensus of "Moderate Buy" by analysts, with a current average price target of $32.00.

Wellington Management Group LLP lessened its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 36.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 209,666 shares of the company's stock after selling 121,061 shares during the quarter. Wellington Management Group LLP owned about 0.60% of Montrose Environmental Group worth $2,990,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP purchased a new stake in Montrose Environmental Group during the 4th quarter valued at $36,000. Brooklyn Investment Group purchased a new position in shares of Montrose Environmental Group in the 1st quarter worth $79,000. Radnor Capital Management LLC bought a new stake in shares of Montrose Environmental Group in the first quarter worth $147,000. Natixis Advisors LLC purchased a new stake in Montrose Environmental Group during the first quarter valued at $254,000. Finally, Oppenheimer Asset Management Inc. increased its position in Montrose Environmental Group by 23.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 19,023 shares of the company's stock valued at $271,000 after acquiring an additional 3,598 shares during the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Stock Performance

Shares of MEG stock traded down $1.71 during trading hours on Wednesday, reaching $28.97. 187,483 shares of the company traded hands, compared to its average volume of 478,113. The firm has a 50-day moving average price of $24.70 and a 200 day moving average price of $19.93. The company has a market cap of $1.02 billion, a P/E ratio of -19.13, a P/E/G ratio of 2.64 and a beta of 1.84. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.78 and a quick ratio of 1.78. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $33.04.

Montrose Environmental Group announced that its Board of Directors has initiated a share buyback program on Wednesday, May 7th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to repurchase 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 stock is undervalued.

Analyst Upgrades and Downgrades

MEG has been the subject of a number of recent research reports. Wall Street Zen upgraded Montrose Environmental Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Needham & Company LLC restated a "buy" rating and set a $31.00 target price (up from $30.00) on shares of Montrose Environmental Group in a research report on Friday, August 8th. Three equities 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 stock currently 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.