Cladis Investment Advisory LLC Buys New Shares in Montrose Environmental Group, Inc. (NYSE:MEG)

Cladis Investment Advisory LLC acquired a new position in shares of Montrose Environmental Group, Inc. (NYSE:MEG) during the 4th quarter, Holdings Channel.com reports. The fund acquired 54,150 shares of the company’s stock, valued at approximately $1,004,000.

Other large investors have also modified their holdings of the company. Barclays PLC lifted its position in shares of Montrose Environmental Group by 375.0% during the 3rd quarter. Barclays PLC now owns 53,575 shares of the company’s stock worth $1,410,000 after buying an additional 42,297 shares during the period. JPMorgan Chase & Co. increased its position in shares of Montrose Environmental Group by 159.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 71,206 shares of the company’s stock worth $1,873,000 after purchasing an additional 43,739 shares in the last quarter. Procyon Advisors LLC lifted its holdings in Montrose Environmental Group by 72.5% during the 4th 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 during the last quarter. Avanza Fonder AB bought a new stake in Montrose Environmental Group during the fourth quarter worth about $105,000. Finally, Janney Montgomery Scott LLC acquired a new stake in shares of Montrose Environmental Group during the fourth quarter worth approximately $322,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MEG has been the subject of a number of recent analyst reports. Needham & Company LLC dropped their price target on Montrose Environmental Group from $39.00 to $28.00 and set a “buy” rating for the company in a report on Friday, April 4th. Evercore ISI reduced 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. Two equities 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus 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 price-to-earnings ratio of -10.04 and a beta of 1.80. Montrose Environmental Group, Inc. has a 12-month low of $10.51 and a 12-month 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 business’s 50-day simple moving average is $14.94 and its 200 day simple moving average is $18.50.

Montrose Environmental Group declared that its Board of Directors has authorized a stock buyback plan on Wednesday, May 7th that allows the company to repurchase $40.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors 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.