Janney Montgomery Scott LLC Grows Stock Holdings in Montrose Environmental Group, Inc. (NYSE:MEG)

Janney Montgomery Scott LLC grew its position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 156.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,608 shares of the company’s stock after acquiring an additional 27,237 shares during the period. Janney Montgomery Scott LLC owned about 0.13% of Montrose Environmental Group worth $636,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MEG. Rhumbline Advisers increased its holdings in Montrose Environmental Group by 4.3% during the 1st quarter. Rhumbline Advisers now owns 45,101 shares of the company’s stock valued at $643,000 after purchasing an additional 1,875 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Montrose Environmental Group by 0.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 265,529 shares of the company’s stock worth $4,926,000 after buying an additional 1,831 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Montrose Environmental Group during the fourth quarter valued at approximately $130,000. PNC Financial Services Group Inc. raised its holdings in shares of Montrose Environmental Group by 42.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock valued at $118,000 after acquiring an additional 1,898 shares in the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Montrose Environmental Group by 56.1% during the fourth quarter. Deutsche Bank AG now owns 31,850 shares of the company’s stock valued at $591,000 after acquiring an additional 11,441 shares in the last quarter. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Needham & Company LLC lifted their price target 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 analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.80.

Montrose Environmental Group Stock Performance

Montrose Environmental Group stock opened at $21.99 on Wednesday. Montrose Environmental Group, Inc. has a fifty-two week low of $10.51 and a fifty-two week high of $42.38. The stock’s 50 day simple moving average is $19.53 and its two-hundred day simple moving average is $18.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 2.05 and a current ratio of 2.05. The stock has a market cap of $762.24 million, a price-to-earnings ratio of -9.48, a PEG ratio of 8.04 and a beta of 1.90.

Montrose Environmental Group announced that its Board of Directors has approved a share buyback plan on Wednesday, May 7th that allows the company to buyback $40.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is 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.