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

Montrose Environmental Group (NYSE:MEG) announced that its Board of Directors has approved a share buyback program on Wednesday, May 7th, RTT News reports. The company plans to buyback $40.00 million in shares. This buyback authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Montrose Environmental Group Stock Up 16.9 %

Shares of MEG stock opened at $17.59 on Friday. 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 has a twelve month low of $10.51 and a twelve month high of $49.97. The stock has a 50 day moving average of $14.90 and a 200 day moving average of $18.43. The stock has a market cap of $609.77 million, a P/E ratio of -11.81 and a beta of 1.80.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. 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 note on Monday, February 10th. Needham & Company LLC decreased their price objective on shares of Montrose Environmental Group from $39.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, April 4th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.40.

Montrose Environmental Group Company 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.