Montrose Environmental Group (NYSE:MEG) Trading Down 5.3% - Should You Sell?

Shares of Montrose Environmental Group, Inc. (NYSE:MEG - Get Free Report) traded down 5.3% on Friday . The company traded as low as $21.71 and last traded at $21.14. 29,209 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 485,747 shares. The stock had previously closed at $22.33.

Wall Street Analyst Weigh In

Separately, Needham & Company LLC lifted their price objective on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Montrose Environmental Group presently has a consensus rating of "Moderate Buy" and an average target price of $31.80.

Montrose Environmental Group Stock Performance

The company has a market cap of $739.64 million, a P/E ratio of -9.20, a PEG ratio of 7.94 and a beta of 1.89. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.58. The company has a 50 day moving average price of $19.08 and a 200-day moving average price of $18.24.

Montrose Environmental Group announced that its Board of Directors has approved a stock buyback program on Wednesday, May 7th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the company to buy up to 7.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Montrose Environmental Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MEG. Goldman Sachs Group Inc. lifted its holdings in shares of Montrose Environmental Group by 39.6% in the first quarter. Goldman Sachs Group Inc. now owns 326,969 shares of the company's stock valued at $4,663,000 after buying an additional 92,671 shares during the period. Rhumbline Advisers lifted its holdings in Montrose Environmental Group by 4.3% in the 1st quarter. Rhumbline Advisers now owns 45,101 shares of the company's stock valued at $643,000 after acquiring an additional 1,875 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Montrose Environmental Group by 4.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,378,212 shares of the company's stock valued at $33,913,000 after purchasing an additional 97,035 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Montrose Environmental Group in the 1st quarter worth approximately $690,000. Finally, Millennium Management LLC grew its stake in shares of Montrose Environmental Group by 4.4% in the 1st quarter. Millennium Management LLC now owns 1,504,541 shares of the company's stock worth $21,455,000 after purchasing an additional 62,826 shares during the last quarter. 87.87% of the stock is owned by institutional investors.

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.

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