Fred Alger Management LLC Decreases Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

Fred Alger Management LLC cut its position in Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) by 45.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,013,896 shares of the company's stock after selling 852,506 shares during the quarter. Fred Alger Management LLC owned about 2.96% of Montrose Environmental Group worth $18,808,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quarry LP bought a new position in shares of Montrose Environmental Group during the 4th quarter worth approximately $36,000. KBC Group NV boosted its stake in Montrose Environmental Group by 126.5% in the 4th quarter. KBC Group NV now owns 2,888 shares of the company's stock valued at $54,000 after purchasing an additional 1,613 shares during the period. Avanza Fonder AB acquired a new stake in shares of Montrose Environmental Group during the fourth quarter worth $105,000. PNC Financial Services Group Inc. boosted its holdings in Montrose Environmental Group by 42.5% in the 4th 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 during the period. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Montrose Environmental Group during the fourth quarter worth approximately $130,000. 87.87% of the stock is owned by institutional investors.

Montrose Environmental Group Stock Up 1.4%

Shares of MEG traded up $0.26 during trading hours on Wednesday, hitting $18.86. The stock had a trading volume of 150,069 shares, compared to its average volume of 528,633. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $49.97. The firm has a 50 day simple moving average of $14.88 and a 200-day simple moving average of $18.20. 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 market capitalization of $653.76 million, a P/E ratio of -12.66 and a beta of 1.80.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Evercore ISI cut their target price on Montrose Environmental Group from $40.00 to $33.00 and set an "outperform" rating for the company in a research report on Monday, February 10th. Needham & Company LLC boosted their price target on Montrose Environmental Group from $28.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, Montrose Environmental Group currently has an average rating of "Moderate Buy" and an average target price of $31.80.

Montrose Environmental Group Company 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.