Graham Capital Management L.P. Takes Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Graham Capital Management L.P. bought a new stake in Montrose Environmental Group, Inc. (NYSE:MEG) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 37,339 shares of the company’s stock, valued at approximately $693,000. Graham Capital Management L.P. owned 0.11% of Montrose Environmental Group as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. grew its stake in Montrose Environmental Group by 159.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company’s stock valued at $1,873,000 after acquiring an additional 43,739 shares in the last quarter. Procyon Advisors LLC grew its position in shares of Montrose Environmental Group by 72.5% in the fourth quarter. Procyon Advisors LLC now owns 21,453 shares of the company’s stock valued at $398,000 after purchasing an additional 9,013 shares in the last quarter. Avanza Fonder AB acquired a new stake in shares of Montrose Environmental Group in the fourth quarter valued at approximately $105,000. Janney Montgomery Scott LLC acquired a new position in Montrose Environmental Group during the fourth quarter worth $322,000. Finally, KBC Group NV boosted its stake in Montrose Environmental Group by 126.5% during the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock worth $54,000 after buying an additional 1,613 shares during the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

Montrose Environmental Group Stock Up 1.5%

Shares of MEG opened at $18.87 on Thursday. The company’s 50-day moving average price is $14.91 and its 200 day moving average price is $18.20. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month high of $49.97. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60. The firm has a market cap of $654.11 million, a P/E ratio of -12.66 and a beta of 1.80.

Montrose Environmental Group declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 7th that authorizes the company to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MEG shares. Evercore ISI lowered their price target on shares of Montrose Environmental Group from $40.00 to $33.00 and set an “outperform” rating on the stock in a research report 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 company a “buy” rating in a report on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $31.80.

Montrose Environmental Group 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.