Graham Capital Management L.P. Makes New $693,000 Investment 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 fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 37,339 shares of the company's stock, valued at approximately $693,000. Graham Capital Management L.P. owned about 0.11% of Montrose Environmental Group at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP bought a new position in Montrose Environmental Group in the fourth quarter worth about $36,000. KBC Group NV lifted its position in Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company's stock valued at $54,000 after acquiring an additional 1,613 shares during the last quarter. Avanza Fonder AB acquired a new stake in Montrose Environmental Group in the fourth quarter valued at approximately $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 position in Montrose Environmental Group in the fourth quarter worth $130,000. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Montrose Environmental Group Stock Performance

Shares of NYSE:MEG traded up $0.40 during trading on Tuesday, hitting $20.01. The stock had a trading volume of 46,866 shares, compared to its average volume of 531,500. The stock has a 50-day simple moving average of $15.04 and a two-hundred day simple moving average of $17.93. The stock has a market capitalization of $693.63 million, a price-to-earnings ratio of -13.35 and a beta of 1.80. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $49.97. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group announced that its board has authorized a share buyback program on Wednesday, May 7th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on MEG shares. Evercore ISI lowered their price objective 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 raised 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 equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price 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.