Montrose Environmental Group (NYSE:ONT) Given New $14.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Montrose Environmental Group’s price target to $14 from $16 while maintaining a neutral rating, implying roughly 2% upside from the prior close.
• Analyst sentiment remains cautious: MarketBeat reports an average rating of “Reduce” and an average price target of $17.50, with ratings spanning one Buy, three Holds, and two Sells.
• Shares fell 3.4% to $13.73, despite the company reporting quarterly EPS of $0.51 versus the $0.08 consensus estimate and revenue of $186.66 million, ahead of expectations.

Montrose Environmental Group (NYSE:ONT - Get Free Report) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $16.00 to $14.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 1.97% from the company's previous close.

ONT has been the subject of several other research reports. Needham & Company LLC dropped their target price on shares of Montrose Environmental Group from $28.00 to $23.00 and set a "buy" rating for the company in a research report on Friday, August 7th. Bank of America cut Montrose Environmental Group from a "neutral" rating to an "underperform" rating and set a $18.00 price objective for the company. in a research note on Thursday, August 6th. Barclays reiterated an "equal weight" rating and issued a $15.00 price objective (down from $19.00) on shares of Montrose Environmental Group in a report on Friday, August 7th. Weiss Ratings lowered Montrose Environmental Group from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, September 22nd. Finally, Wall Street Zen lowered Montrose Environmental Group from a "hold" rating to a "sell" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Reduce" and an average price target of $17.50.

Montrose Environmental Group Trading Down 3.4%

Shares of NYSE ONT traded down $0.49 during mid-day trading on Thursday, hitting $13.73. The company's stock had a trading volume of 697,724 shares, compared to its average volume of 564,896. Montrose Environmental Group has a one year low of $12.26 and a one year high of $30.90. The company's fifty day simple moving average is $16.90 and its 200-day simple moving average is $18.48. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market cap of $482.20 million, a price-to-earnings ratio of -41.60, a price-to-earnings-growth ratio of 1.49 and a beta of 1.83.

Montrose Environmental Group (NYSE:ONT - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.51 earnings per share for the quarter, topping analysts' consensus estimates of $0.08 by $0.43. Montrose Environmental Group had a negative net margin of 1.44% and a positive return on equity of 4.11%. The business had revenue of $186.66 million during the quarter, compared to the consensus estimate of $179.69 million. On average, sell-side analysts anticipate that Montrose Environmental Group will post 0.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Montrose Environmental Group

Several institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in shares of 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 acquiring an additional 66,543 shares in the last quarter. OP Asset Management Ltd acquired a new position in Montrose Environmental Group during the first quarter worth $3,418,000. Conestoga Capital Advisors LLC boosted its holdings in Montrose Environmental Group by 16.8% during the first quarter. Conestoga Capital Advisors LLC now owns 83,515 shares of the company's stock worth $1,828,000 after purchasing an additional 12,040 shares during the last quarter. Hsbc Holdings PLC grew its position in Montrose Environmental Group by 41.9% in the first quarter. Hsbc Holdings PLC now owns 15,228 shares of the company's stock valued at $328,000 after purchasing an additional 4,493 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in Montrose Environmental Group by 3,733.3% in the first quarter. Hillsdale Investment Management Inc. now owns 11,500 shares of the company's stock valued at $252,000 after purchasing an additional 11,200 shares in the last quarter. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Company Profile

Montrose Environmental Group, Inc is an environmental services company that helps industrial, commercial, government and other clients address complex environmental challenges. Its services support regulatory compliance, pollution reduction, environmental risk management and the responsible use of natural resources.

The company provides services across environmental assessment, permitting and response; measurement and analysis; and remediation and reuse. Its capabilities include air quality consulting and emissions monitoring, laboratory and field testing, environmental compliance support, investigation and remediation of contaminated sites, water and wastewater services, and environmental planning and permitting.

Montrose serves clients across a range of industries and government markets, with operations and project work throughout the United States and select international locations.

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