BNP Paribas Financial Markets Buys Shares of 16,436 Montrose Environmental Group, Inc. (NYSE:MEG)

BNP Paribas Financial Markets bought a new stake in Montrose Environmental Group, Inc. (NYSE:MEG) in the fourth quarter, HoldingsChannel reports. The fund bought 16,436 shares of the company’s stock, valued at approximately $305,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MEG. Quarry LP acquired a new position in shares of Montrose Environmental Group in the 4th quarter valued at approximately $36,000. KBC Group NV boosted its holdings in shares of Montrose Environmental Group by 126.5% in the fourth quarter. KBC Group NV now owns 2,888 shares of the company’s stock valued at $54,000 after buying an additional 1,613 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Montrose Environmental Group by 42.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 6,365 shares of the company’s stock valued at $118,000 after buying an additional 1,898 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Montrose Environmental Group in the fourth quarter valued at approximately $130,000. Finally, Wrapmanager Inc. boosted its holdings in shares of Montrose Environmental Group by 12.8% in the fourth quarter. Wrapmanager Inc. now owns 10,105 shares of the company’s stock valued at $187,000 after buying an additional 1,150 shares during the period. 87.87% of the stock is owned by institutional investors and hedge funds.

Montrose Environmental Group Stock Performance

Shares of MEG opened at $20.47 on Wednesday. Montrose Environmental Group, Inc. has a 12 month low of $10.51 and a 12 month high of $49.66. The firm has a fifty day simple moving average of $15.47 and a 200 day simple moving average of $17.78. The stock has a market capitalization of $709.64 million, a price-to-earnings ratio of -13.74 and a beta of 1.80. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.60.

Montrose Environmental Group declared that its board has approved a share buyback program on Wednesday, May 7th that allows the company to buyback $40.00 million in shares. This buyback authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Needham & Company LLC upped their target price on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Evercore ISI reduced their price objective 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. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.80.

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.