Montrose Environmental Group (NYSE:ONT) Reaches New 52-Week Low – Here’s Why

Montrose Environmental Group, Inc. (NYSE:ONT)’s stock price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $15.01 and last traded at $15.59, with a volume of 885860 shares traded. The stock had previously closed at $15.60.

Analysts Set New Price Targets

Several research firms have issued reports on ONT. Zacks Research downgraded Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Needham & Company LLC reduced their price objective on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Finally, Wall Street Zen downgraded Montrose Environmental Group from a “buy” rating to a “hold” rating in a report on Saturday, January 17th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $32.33.

Montrose Environmental Group Stock Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.84 and a current ratio of 1.84. The stock’s 50-day moving average is $22.17 and its 200 day moving average is $23.90. The firm has a market cap of $563.42 million, a P/E ratio of 311.86, a PEG ratio of 1.07 and a beta of 1.83.

Montrose Environmental Group (NYSE:ONT) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. Montrose Environmental Group had a net margin of 0.71% and a return on equity of 5.61%. The business had revenue of $193.27 million during the quarter, compared to analysts’ expectations of $186.24 million. During the same quarter in the prior year, the company earned ($0.90) EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. On average, research analysts predict that Montrose Environmental Group, Inc. will post 0.78 earnings per share for the current year.

Insider Activity

In other Montrose Environmental Group news, Director J Thomas Presby sold 10,000 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $28.87, for a total transaction of $288,700.00. Following the completion of the transaction, the director owned 62,614 shares in the company, valued at approximately $1,807,666.18. This represents a 13.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Nasym Afsari sold 43,348 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $28.37, for a total value of $1,229,782.76. Following the transaction, the general counsel owned 204,878 shares of the company’s stock, valued at approximately $5,812,388.86. This trade represents a 17.46% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 107,527 shares of company stock worth $2,908,583. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Montrose Environmental Group

A number of large investors have recently added to or reduced their stakes in ONT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Montrose Environmental Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock worth $269,000 after purchasing an additional 780 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Montrose Environmental Group by 39.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 326,969 shares of the company’s stock worth $4,663,000 after purchasing an additional 92,671 shares in the last quarter. Rhumbline Advisers increased its holdings in Montrose Environmental Group by 27.9% during the 2nd quarter. Rhumbline Advisers now owns 57,667 shares of the company’s stock worth $1,262,000 after purchasing an additional 12,566 shares in the last quarter. Invesco Ltd. increased its holdings in Montrose Environmental Group by 13.1% during the 2nd quarter. Invesco Ltd. now owns 152,085 shares of the company’s stock worth $3,329,000 after purchasing an additional 17,601 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Montrose Environmental Group by 245.0% during the 2nd quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after purchasing an additional 272,444 shares in the last quarter. Institutional investors own 87.87% of the company’s stock.

About Montrose Environmental Group

Montrose Environmental Group (NYSE: MEG) is a global provider of environmental technical and monitoring services, delivering solutions for site assessment, remediation, compliance and long-term environmental stewardship. The company serves a broad range of industries, including energy, manufacturing, chemicals, mining and government agencies, supporting clients with risk management strategies, regulatory permitting and environmental permitting.

Montrose’s core offerings encompass environmental consulting, engineering design, field sampling and laboratory analysis, plus innovative digital monitoring platforms.