Price T Rowe Associates Inc. MD Increases Stake in Montrose Environmental Group, Inc. (NYSE:MEG)

Price T Rowe Associates Inc. MD lifted its position in Montrose Environmental Group, Inc. (NYSE:MEG) by 23.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,127 shares of the company’s stock after purchasing an additional 3,591 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Montrose Environmental Group were worth $355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MEG. Vanguard Group Inc. increased its holdings in Montrose Environmental Group by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company’s stock valued at $33,437,000 after acquiring an additional 11,211 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Montrose Environmental Group by 175.0% during the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company’s stock worth $27,255,000 after purchasing an additional 934,938 shares during the period. Granite Investment Partners LLC boosted its position in Montrose Environmental Group by 61.9% in the 4th quarter. Granite Investment Partners LLC now owns 846,834 shares of the company’s stock valued at $15,709,000 after buying an additional 323,868 shares during the period. First Trust Advisors LP boosted its position in Montrose Environmental Group by 1.1% in the 4th quarter. First Trust Advisors LP now owns 712,917 shares of the company’s stock valued at $13,225,000 after buying an additional 7,789 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Montrose Environmental Group by 26.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 677,218 shares of the company’s stock valued at $12,563,000 after buying an additional 143,653 shares during the period. 87.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on MEG. Evercore ISI lowered their price target on shares of 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 boosted their price objective 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 research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $31.80.

Montrose Environmental Group Stock Up 1.5%

NYSE:MEG opened at $18.87 on Thursday. The firm has a market capitalization of $654.11 million, a P/E ratio of -12.66 and a beta of 1.80. Montrose Environmental Group, Inc. has a 1-year low of $10.51 and a 1-year high of $49.97. The company’s fifty day moving average price is $14.91 and its 200-day moving average price is $18.20. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

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.

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.