Paradigm Capital Management Inc. NY Takes $1.86 Million Position in Montrose Environmental Group, Inc. (NYSE:MEG)

Paradigm Capital Management Inc. NY purchased a new position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 100,000 shares of the company’s stock, valued at approximately $1,855,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Bamco Inc. NY grew its holdings in shares of Montrose Environmental Group by 84.5% during the 4th quarter. Bamco Inc. NY now owns 2,292,630 shares of the company’s stock worth $42,528,000 after purchasing an additional 1,050,000 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Montrose Environmental Group by 3.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,281,177 shares of the company’s stock worth $42,316,000 after purchasing an additional 67,280 shares during the period. Bank of America Corp DE grew its stake in 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 buying an additional 539,779 shares in the last quarter. Vanguard Group Inc. grew its stake in Montrose Environmental Group by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,802,551 shares of the company’s stock worth $33,437,000 after buying an additional 11,211 shares in the last quarter. Finally, William Blair Investment Management LLC increased its holdings in Montrose Environmental Group by 175.0% in the 4th quarter. William Blair Investment Management LLC now owns 1,469,280 shares of the company’s stock valued at $27,255,000 after buying an additional 934,938 shares during the period. Institutional investors own 87.87% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MEG. Evercore ISI cut 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 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 company a “buy” rating in a research report on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.80.

Montrose Environmental Group Price Performance

Shares of NYSE:MEG opened at $19.54 on Tuesday. The firm has a 50 day simple moving average of $15.04 and a 200 day simple moving average of $17.93. The company has a market cap of $677.33 million, a price-to-earnings ratio of -13.11 and a beta of 1.80. Montrose Environmental Group, Inc. has a one year low of $10.51 and a one year high of $49.97. 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 stock buyback plan on Wednesday, May 7th that permits the company to buyback $40.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.

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.