Montrose Environmental Group (NYSE:ONT) Trading Down 4.3% – Here’s What Happened

Shares of Montrose Environmental Group, Inc. (NYSE:ONT) fell 4.3% during trading on Tuesday . The stock traded as low as $18.83 and last traded at $18.95. Approximately 89,376 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 491,023 shares. The stock had previously closed at $19.81.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ONT. Weiss Ratings reiterated a “sell (d)” rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Barclays decreased their target price on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, May 18th. 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 report on Friday, May 8th. Zacks Research upgraded shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Finally, Wall Street Zen cut Montrose Environmental Group from a “hold” rating to a “sell” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Montrose Environmental Group currently has an average rating of “Hold” and a consensus target price of $23.00.

Montrose Environmental Group Stock Performance

The company has a market cap of $679.43 million, a price-to-earnings ratio of 376.08, a P/E/G ratio of 1.53 and a beta of 1.67. 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 company has a fifty day moving average of $17.92 and a two-hundred day moving average of $21.27.

Insider Activity

In other news, Director Peter Graham acquired 25,140 shares of the stock in a transaction dated Friday, June 5th. The stock was bought at an average price of $17.19 per share, with a total value of $432,156.60. Following the completion of the purchase, the director directly owned 256,689 shares of the company’s stock, valued at $4,412,483.91. This represents a 10.86% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Allan Dicks acquired 6,535 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average price of $15.36 per share, with a total value of $100,377.60. Following the acquisition, the chief financial officer owned 218,178 shares in the company, valued at $3,351,214.08. The trade was a 3.09% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 36,535 shares of company stock valued at $610,003 over the last quarter. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in ONT. Bamco Inc. NY lifted its holdings in shares of Montrose Environmental Group by 2.5% during the second quarter. Bamco Inc. NY now owns 2,764,395 shares of the company’s stock worth $60,513,000 after purchasing an additional 68,713 shares during the period. Vanguard Group Inc. raised its position in Montrose Environmental Group by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 1,986,620 shares of the company’s stock worth $49,328,000 after purchasing an additional 57,437 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Montrose Environmental Group by 128.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company’s stock worth $43,030,000 after purchasing an additional 975,770 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Montrose Environmental Group by 14.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,457,574 shares of the company’s stock worth $36,192,000 after buying an additional 179,855 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in Montrose Environmental Group by 5.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock worth $29,470,000 after buying an additional 66,543 shares during the period. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.