Wellington Management Group LLP Invests $6.14 Million in Montrose Environmental Group, Inc. (NYSE:MEG)

Wellington Management Group LLP acquired a new position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 330,727 shares of the company's stock, valued at approximately $6,135,000. Wellington Management Group LLP owned 0.96% of Montrose Environmental Group at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in Montrose Environmental Group in the fourth quarter worth approximately $36,000. KBC Group NV grew its position in Montrose Environmental Group by 126.5% in the 4th quarter. KBC Group NV now owns 2,888 shares of the company's stock worth $54,000 after purchasing an additional 1,613 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock valued at $118,000 after buying an additional 1,898 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Montrose Environmental Group in the 4th quarter valued at $130,000. Finally, Wrapmanager Inc. raised its stake in shares of Montrose Environmental Group by 12.8% in the 4th quarter. Wrapmanager Inc. now owns 10,105 shares of the company's stock valued at $187,000 after buying an additional 1,150 shares in the last quarter. Institutional investors and hedge funds own 87.87% of the company's stock.

Montrose Environmental Group Price Performance

Shares of Montrose Environmental Group stock traded up $0.52 during mid-day trading on Friday, reaching $21.43. 450,884 shares of the stock were exchanged, compared to its average volume of 541,053. The company has a market cap of $742.92 million, a price-to-earnings ratio of -14.38 and a beta of 1.89. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a 50-day simple moving average of $16.39 and a 200 day simple moving average of $17.83. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $49.66.

Montrose Environmental Group announced that its board has authorized a stock repurchase plan on Wednesday, May 7th that authorizes the company to repurchase $40.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

MEG has been the subject of a number of recent research reports. Evercore ISI dropped their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a research note on Monday, February 10th. Needham & Company LLC increased their price objective on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $31.80.

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.