Stock Repurchase Program Declared by Montrose Environmental Group (NYSE:MEG) Board

Montrose Environmental Group (NYSE:MEG) announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 7th, RTT News reports. The company plans to repurchase $40.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MEG shares. Evercore ISI dropped their target price on 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 reduced their price objective on shares of Montrose Environmental Group from $39.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Montrose Environmental Group currently has a consensus rating of “Moderate Buy” and an average price target of $31.40.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock opened at $14.96 on Thursday. The stock has a market cap of $518.57 million, a P/E ratio of -10.04 and a beta of 1.80. Montrose Environmental Group has a 52 week low of $10.51 and a 52 week high of $49.97. 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 company’s 50 day moving average price is $14.94 and its two-hundred day moving average price is $18.50.

Montrose Environmental Group (NYSE:MEG) last posted its quarterly earnings results on Wednesday, May 7th. The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.16). Montrose Environmental Group had a positive return on equity of 1.86% and a negative net margin of 5.28%. On average, equities analysts predict that Montrose Environmental Group will post 0.13 earnings per share for the current year.

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.