Graham Capital Management L.P. Takes Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Graham Capital Management L.P. acquired a new position in shares of Montrose Environmental Group, Inc. (NYSE:MEG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 37,339 shares of the company's stock, valued at approximately $693,000. Graham Capital Management L.P. owned approximately 0.11% of Montrose Environmental Group at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Quarry LP bought a new stake in shares of Montrose Environmental Group in the 4th quarter worth approximately $36,000. KBC Group NV lifted its position 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 period. Avanza Fonder AB bought a new position in Montrose Environmental Group in the fourth quarter worth $105,000. PNC Financial Services Group Inc. boosted its stake in 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 worth $118,000 after buying an additional 1,898 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in Montrose Environmental Group in the 4th quarter valued at $130,000. Institutional investors and hedge funds own 87.87% of the company's stock.

Montrose Environmental Group Stock Performance

NYSE MEG traded up $0.00 during trading on Friday, reaching $19.26. The company's stock had a trading volume of 723,799 shares, compared to its average volume of 534,538. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $49.97. The firm has a 50 day moving average price of $15.00 and a 200 day moving average price of $18.03. The firm has a market capitalization of $667.77 million, a price-to-earnings ratio of -12.93 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 announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 7th that authorizes the company to buyback $40.00 million in shares. This buyback authorization authorizes the company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Needham & Company LLC raised their price objective on shares of 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 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 given a buy rating to the stock. According to MarketBeat.com, Montrose Environmental Group has an average rating of "Moderate Buy" and a consensus price target 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.