Wellington Management Group LLP Buys Shares of 330,727 Montrose Environmental Group, Inc. (NYSE:MEG)

Wellington Management Group LLP purchased a new stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 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 reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MEG. Janney Montgomery Scott LLC bought a new position in Montrose Environmental Group in the fourth quarter worth about $322,000. New York State Common Retirement Fund raised its position in shares of Montrose Environmental Group by 54.7% in the 4th quarter. New York State Common Retirement Fund now owns 64,009 shares of the company's stock worth $1,187,000 after acquiring an additional 22,621 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Montrose Environmental Group by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company's stock valued at $4,926,000 after purchasing an additional 1,831 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Montrose Environmental Group during the fourth quarter valued at approximately $130,000. Finally, PNC Financial Services Group Inc. boosted 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 purchasing an additional 1,898 shares in the last quarter. Institutional investors own 87.87% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MEG. Needham & Company LLC increased their price objective on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Evercore ISI decreased their price target 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. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.80.

Montrose Environmental Group Stock Up 2.1%

MEG stock traded up $0.42 on Thursday, reaching $20.89. 315,979 shares of the company traded hands, compared to its average volume of 537,158. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93. The firm has a fifty day simple moving average of $16.10 and a 200-day simple moving average of $17.77. Montrose Environmental Group, Inc. has a one year low of $10.51 and a one year high of $49.66. The company has a market cap of $724.13 million, a P/E ratio of -14.02 and a beta of 1.80.

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

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.