Montrose Environmental Group, Inc. (NYSE:MEG) Shares Acquired by Point72 Asset Management L.P.

Point72 Asset Management L.P. grew its position in Montrose Environmental Group, Inc. (NYSE:MEG) by 13.4% in the fourth quarter, HoldingsChannel reports. The fund owned 36,000 shares of the company’s stock after acquiring an additional 4,243 shares during the quarter. Point72 Asset Management L.P.’s holdings in Montrose Environmental Group were worth $668,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MEG. Bamco Inc. NY raised its position in shares of Montrose Environmental Group by 84.5% in the fourth quarter. Bamco Inc. NY now owns 2,292,630 shares of the company’s stock worth $42,528,000 after acquiring an additional 1,050,000 shares during the period. William Blair Investment Management LLC raised its position in shares of Montrose Environmental Group by 175.0% in 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 stake in shares of Montrose Environmental Group by 42.2% during the fourth quarter. Bank of America Corp DE now owns 1,819,010 shares of the company’s stock worth $33,743,000 after purchasing an additional 539,779 shares in the last quarter. Millennium Management LLC increased its stake in shares of Montrose Environmental Group by 52.6% during the fourth quarter. Millennium Management LLC now owns 1,441,715 shares of the company’s stock worth $26,744,000 after purchasing an additional 496,661 shares in the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of Montrose Environmental Group during the fourth quarter worth about $6,135,000. Institutional investors and hedge funds own 87.87% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Evercore ISI cut their target price on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating for the company in a research note on Monday, February 10th. Needham & Company LLC boosted their target price on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.80.

Montrose Environmental Group Stock Up 1.0%

MEG stock opened at $19.70 on Friday. Montrose Environmental Group, Inc. has a 52 week low of $10.51 and a 52 week high of $49.66. The stock has a market capitalization of $682.95 million, a P/E ratio of -13.22 and a beta of 1.80. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a 50-day simple moving average of $15.21 and a 200-day simple moving average of $17.91.

Montrose Environmental Group announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 7th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the company to buy up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.