Swiss National Bank Has $853,000 Position in Montrose Environmental Group, Inc. $MEG

Swiss National Bank reduced its holdings in shares of Montrose Environmental Group, Inc. (NYSE:MEG) by 5.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,800 shares of the company’s stock after selling 3,400 shares during the period. Swiss National Bank owned 0.17% of Montrose Environmental Group worth $853,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in MEG. Wells Fargo & Company MN grew its stake in shares of Montrose Environmental Group by 47.3% in the 4th quarter. Wells Fargo & Company MN now owns 15,474 shares of the company’s stock valued at $287,000 after buying an additional 4,966 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Montrose Environmental Group by 1.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 90,893 shares of the company’s stock valued at $1,686,000 after buying an additional 1,108 shares during the period. Invesco Ltd. grew its stake in shares of Montrose Environmental Group by 18.1% in the 4th quarter. Invesco Ltd. now owns 138,797 shares of the company’s stock valued at $2,575,000 after buying an additional 21,315 shares during the period. Barclays PLC grew its stake in shares of Montrose Environmental Group by 6.8% in the 4th quarter. Barclays PLC now owns 57,229 shares of the company’s stock valued at $1,061,000 after buying an additional 3,654 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in Montrose Environmental Group by 26.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 677,218 shares of the company’s stock valued at $12,563,000 after purchasing an additional 143,653 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Montrose Environmental Group Trading Down 0.7%

NYSE:MEG opened at $29.17 on Wednesday. The company has a current ratio of 1.78, a quick ratio of 1.78 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $1.03 billion, a PE ratio of -19.32, a price-to-earnings-growth ratio of 2.49 and a beta of 1.90. The firm’s 50 day moving average is $23.82 and its 200 day moving average is $19.53. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $34.11.

Montrose Environmental Group announced that its board has approved a share 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 buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MEG. Wall Street Zen upgraded Montrose Environmental Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Needham & Company LLC restated a “buy” rating and issued a $31.00 target price (up previously from $30.00) on shares of Montrose Environmental Group in a research note on Friday, August 8th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $32.00.

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.