Share Repurchase Program Announced by Montrose Environmental Group (NYSE:MEG) Board of Directors

Montrose Environmental Group (NYSE:MEG) declared that its board has authorized a stock buyback program 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 repurchase up to 7.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Needham & Company LLC lifted their target price on shares of Montrose Environmental Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday. Evercore ISI cut their target price on shares of 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 equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.80.

Montrose Environmental Group Stock Down 1.5 %

Shares of NYSE MEG opened at $17.43 on Friday. The stock has a market capitalization of $604.19 million, a P/E ratio of -11.70 and a beta of 1.80. Montrose Environmental Group has a one year low of $10.51 and a one year high of $49.97. The firm’s 50 day simple moving average is $14.87 and its two-hundred day simple moving average is $18.36. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.93 and a quick ratio of 1.93.

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.