Montrose Environmental Group (NYSE:MEG) Upgraded at Wall Street Zen

Key Points

• Montrose Environmental Group's stock rating was upgraded from "hold" to "buy" by Wall Street Zen, signaling increased confidence from analysts.
• Needham & Company raised the target price for Montrose Environmental shares from $30.00 to $31.00, contributing to an average price target of $32.00 across analysts.
• The company's board approved a stock repurchase program allowing for up to $40 million in share buybacks, indicating that they believe the stock is undervalued.

Wall Street Zen upgraded shares of Montrose Environmental Group (NYSE:MEG - Free Report) from a hold rating to a buy rating in a research note published on Saturday.

Separately, Needham & Company LLC boosted their target price on Montrose Environmental Group from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Friday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average target price of $32.00.

Montrose Environmental Group Stock Performance

NYSE MEG traded up $1.56 on Friday, hitting $26.09. 943,720 shares of the company's stock were exchanged, compared to its average volume of 383,017. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.78 and a quick ratio of 1.78. The firm's 50-day moving average price is $22.39 and its two-hundred day moving average price is $18.94. Montrose Environmental Group has a fifty-two week low of $10.51 and a fifty-two week high of $34.56. The firm has a market cap of $920.72 million, a price-to-earnings ratio of -17.28, a P/E/G ratio of 9.17 and a beta of 1.90.

Montrose Environmental Group declared that its board has authorized a stock repurchase plan on Wednesday, May 7th that permits the company to repurchase $40.00 million in shares. This repurchase authorization permits the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. raised its holdings in shares of Montrose Environmental Group by 4.6% in the second quarter. Rockefeller Capital Management L.P. now owns 127,589 shares of the company's stock worth $2,793,000 after acquiring an additional 5,625 shares during the last quarter. Creative Planning raised its holdings in shares of Montrose Environmental Group by 4.0% in the second quarter. Creative Planning now owns 49,481 shares of the company's stock worth $1,083,000 after acquiring an additional 1,891 shares during the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in shares of Montrose Environmental Group by 26.8% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 8,108 shares of the company's stock worth $177,000 after acquiring an additional 1,716 shares during the last quarter. Horrell Capital Management Inc. raised its holdings in shares of Montrose Environmental Group by 2.2% in the second quarter. Horrell Capital Management Inc. now owns 27,427 shares of the company's stock worth $600,000 after acquiring an additional 597 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Montrose Environmental Group by 3.7% in the second quarter. Geode Capital Management LLC now owns 765,027 shares of the company's stock worth $16,748,000 after acquiring an additional 27,316 shares during the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

About Montrose Environmental Group

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.