Barclays Reiterates "Equal Weight" Rating for Montrose Environmental Group (NYSE:ONT)

Key Points

• Barclays reaffirmed its “equal weight” rating on Montrose Environmental Group but cut its price target from $19 to $15, implying about 1.12% downside from the prior close.
• Analyst sentiment remains cautious: MarketBeat reports an average rating of “Reduce” and a consensus target price of $20.75, with one Buy, three Hold and two Sell ratings.
• Montrose shares have fallen 33%, opening at $15.17, while insiders bought 36,535 shares worth approximately $610,000 in the latest quarter.

Montrose Environmental Group (NYSE:ONT - Get Free Report)'s stock had its "equal weight" rating reaffirmed by investment analysts at Barclays in a report released on Friday,Benzinga reports. They presently have a $15.00 price objective on the stock, down from their prior price objective of $19.00. Barclays's target price points to a potential downside of 1.12% from the stock's previous close.

Several other brokerages have also recently weighed in on ONT. JPMorgan Chase & Co. dropped their price objective on Montrose Environmental Group from $24.00 to $22.00 and set a "neutral" rating for the company in a report on Monday, July 13th. Needham & Company LLC reduced their target price 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. Wall Street Zen cut Montrose Environmental Group from a "hold" rating to a "sell" rating in a research report on Monday. Zacks Research raised shares of Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $20.75.

Montrose Environmental Group Stock Down 33.0%

NYSE ONT opened at $15.17 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76. The company has a market cap of $548.24 million, a price-to-earnings ratio of -45.97, a PEG ratio of 1.66 and a beta of 1.66. The company has a 50 day moving average of $19.11 and a 200-day moving average of $20.84. Montrose Environmental Group has a 1-year low of $12.68 and a 1-year high of $32.00.

Insider Buying and Selling at Montrose Environmental Group

In other Montrose Environmental Group news, Director Peter Graham purchased 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 acquisition, the director owned 256,689 shares of the company's stock, valued at approximately $4,412,483.91. This represents a 10.86% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Allan Dicks acquired 6,535 shares of the company's stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $15.36 per share, with a total value of $100,377.60. Following the completion of the transaction, 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 disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 36,535 shares of company stock worth $610,003. Corporate insiders own 10.40% of the company's stock.

Institutional Investors Weigh In On 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 increased its holdings in Montrose Environmental Group by 4.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company's stock worth $261,000 after purchasing an additional 488 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Montrose Environmental Group by 2.3% in the second quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company's stock valued at $497,000 after buying an additional 515 shares during the period. CWM LLC lifted its holdings in Montrose Environmental Group by 8.6% during the fourth quarter. CWM LLC now owns 8,324 shares of the company's stock valued at $207,000 after purchasing an additional 659 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Montrose Environmental Group by 4.3% during the first 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, Natixis Advisors LLC lifted its holdings in shares of Montrose Environmental Group by 4.3% in the third quarter. Natixis Advisors LLC now owns 26,962 shares of the company's stock worth $740,000 after buying an additional 1,120 shares in the last quarter. 87.87% of the stock is owned by institutional investors.

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.

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