Montrose Environmental Group, Inc. (NYSE:MEG) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC lessened its stake in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 45.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,013,896 shares of the company's stock after selling 852,506 shares during the period. Fred Alger Management LLC owned about 2.96% of Montrose Environmental Group worth $18,808,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of MEG. Quarry LP purchased a new position in Montrose Environmental Group during the fourth quarter valued at approximately $36,000. KBC Group NV grew its holdings in Montrose Environmental Group by 126.5% in the fourth 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. Avanza Fonder AB purchased a new position in Montrose Environmental Group in the fourth quarter worth $105,000. PNC Financial Services Group Inc. grew its holdings in Montrose Environmental Group by 42.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company's stock worth $118,000 after purchasing an additional 1,898 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Montrose Environmental Group during the fourth quarter valued at $130,000. Institutional investors own 87.87% of the company's stock.

Analysts Set New Price Targets

MEG has been the topic of several analyst reports. Needham & Company LLC raised their target price on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday. Evercore ISI dropped their price objective on shares of Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating on the stock in a research note on Monday, February 10th. Two research 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $31.80.

Montrose Environmental Group Trading Up 10.3%

NYSE MEG traded up $1.82 on Monday, reaching $19.39. 742,863 shares of the company were exchanged, compared to its average volume of 529,673. The business's fifty day moving average price is $14.87 and its 200 day moving average price is $18.24. The stock has a market capitalization of $671.96 million, a P/E ratio of -13.01 and a beta of 1.80. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $49.97.

Montrose Environmental Group announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 7th that authorizes the company to buyback $40.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors 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.