Montrose Environmental Group (NYSE:ONT) Stock Price Down 6.1% – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:ONT) traded down 6.1% during mid-day trading on Tuesday . The company traded as low as $15.62 and last traded at $15.62. 445,834 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 424,675 shares. The stock had previously closed at $16.63.

Wall Street Analysts Forecast Growth

Several research firms have commented on ONT. Zacks Research lowered Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Barclays decreased their price objective on Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, May 18th. Finally, Needham & Company LLC lowered their target price on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $26.67.

Montrose Environmental Group Stock Down 4.8%

The business has a 50-day simple moving average of $20.34 and a two-hundred day simple moving average of $23.29. The company has a market capitalization of $572.10 million, a price-to-earnings ratio of 316.66, a PEG ratio of 1.24 and a beta of 1.83. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.84 and a current ratio of 1.84.

Montrose Environmental Group (NYSE:ONT) last released its earnings results on Wednesday, February 25th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. The business had revenue of $193.27 million for the quarter, compared to analyst estimates of $186.24 million. Montrose Environmental Group had a return on equity of 5.61% and a net margin of 0.71%.The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.90) earnings per share. As a group, equities analysts predict that Montrose Environmental Group, Inc. will post 0.71 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Vijay Manthripragada sold 46,121 shares of Montrose Environmental Group stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $25.41, for a total value of $1,171,934.61. Following the sale, the chief executive officer directly owned 236,788 shares in the company, valued at $6,016,783.08. The trade was a 16.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director J Thomas Presby sold 10,000 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $28.87, for a total value of $288,700.00. Following the transaction, the director directly owned 62,614 shares in the company, valued at $1,807,666.18. This represents a 13.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 107,527 shares of company stock worth $2,908,583. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company grew its position in Montrose Environmental Group by 4.3% during the second quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company’s stock worth $261,000 after buying an additional 488 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in shares of Montrose Environmental Group by 2.3% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after acquiring an additional 515 shares during the period. CWM LLC lifted its position in shares of Montrose Environmental Group by 8.6% during the 4th quarter. CWM LLC now owns 8,324 shares of the company’s stock valued at $207,000 after acquiring an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of 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 acquiring an additional 780 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC grew its holdings in shares of Montrose Environmental Group by 0.3% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,430 shares of the company’s stock worth $7,618,000 after acquiring an additional 786 shares during the period. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

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.