Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) shares traded up 4.9% on Thursday . The stock traded as high as $23.50 and last traded at $23.43. 98,996 shares were traded during trading, a decline of 82% from the average session volume of 541,070 shares. The stock had previously closed at $22.33.
Wall Street Analyst Weigh In
Separately, Needham & Company LLC upped their price target on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company 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. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $31.80.
View Our Latest Research Report on Montrose Environmental Group
Montrose Environmental Group Trading Down 2.0%
The company has a market cap of $796.23 million, a PE ratio of -15.42 and a beta of 1.89. The business's 50-day simple moving average is $17.47 and its 200-day simple moving average is $17.97. 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 declared that its board has approved a share buyback plan on Wednesday, May 7th that permits the company to repurchase $40.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.
Hedge Funds Weigh In On Montrose Environmental Group
A number of institutional investors have recently modified their holdings of MEG. Bamco Inc. NY boosted its holdings in Montrose Environmental Group by 84.5% during the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company's stock worth $42,528,000 after purchasing an additional 1,050,000 shares during the last quarter. William Blair Investment Management LLC increased its position in Montrose Environmental Group by 175.0% during the fourth quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company's stock worth $27,255,000 after acquiring an additional 934,938 shares during the period. Bank of America Corp DE increased its holdings in Montrose Environmental Group by 42.2% in the 4th quarter. Bank of America Corp DE now owns 1,819,010 shares of the company's stock valued at $33,743,000 after buying an additional 539,779 shares during the period. Royce & Associates LP increased its holdings in Montrose Environmental Group by 167.5% in the 1st quarter. Royce & Associates LP now owns 852,849 shares of the company's stock valued at $12,162,000 after buying an additional 533,986 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Montrose Environmental Group by 52.6% in the 4th quarter. Millennium Management LLC now owns 1,441,715 shares of the company's stock valued at $26,744,000 after purchasing an additional 496,661 shares in the last quarter. 87.87% of the stock is owned by institutional investors.
About Montrose Environmental Group
(
Get Free Report)
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.
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