Fisher Asset Management LLC Purchases 94,697 Shares of Montrose Environmental Group, Inc. $ONT

Key Points

• Fisher Asset Management increased its stake in Montrose Environmental Group by 36.7% in the fourth quarter, buying 94,697 shares and bringing its total holdings to 352,569 shares worth about $8.75 million.
• Insiders have been selling shares, including CEO Vijay Manthripragada and Director J Thomas Presby, with total insider sales of 107,527 shares worth about $2.9 million over the last quarter.
• Montrose posted better-than-expected quarterly results, reporting EPS of $0.35 versus estimates of $0.24 and revenue of $193.27 million, though analysts remain cautious with a consensus rating of Hold and a target price of $26.67.

Fisher Asset Management LLC grew its position in Montrose Environmental Group, Inc. (NYSE:ONT - Free Report) by 36.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 352,569 shares of the company's stock after acquiring an additional 94,697 shares during the quarter. Fisher Asset Management LLC owned 1.00% of Montrose Environmental Group worth $8,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in ONT. Advisory Services Network LLC purchased a new position in shares of Montrose Environmental Group in the 3rd quarter worth approximately $32,000. Canada Pension Plan Investment Board boosted its holdings in shares of Montrose Environmental Group by 533.3% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company's stock worth $42,000 after purchasing an additional 1,600 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Montrose Environmental Group by 95.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company's stock worth $68,000 after purchasing an additional 1,508 shares during the period. Assetmark Inc. purchased a new position in shares of Montrose Environmental Group in the 4th quarter worth approximately $84,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Montrose Environmental Group by 39.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 4,804 shares of the company's stock worth $119,000 after purchasing an additional 1,359 shares during the period. Institutional investors own 87.87% of the company's stock.

Insider Activity at Montrose Environmental Group

In related news, CEO Vijay Manthripragada sold 46,121 shares of the business's stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.41, for a total transaction of $1,171,934.61. Following the completion of the transaction, the chief executive officer owned 236,788 shares in the company, valued at $6,016,783.08. The trade was a 16.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J Thomas Presby sold 10,000 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $28.87, for a total value of $288,700.00. Following the transaction, the director owned 62,614 shares of the company's stock, valued at approximately $1,807,666.18. The trade was a 13.77% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 107,527 shares of company stock worth $2,908,583 over the last quarter. 10.40% of the stock is owned by insiders.

Montrose Environmental Group Price Performance

ONT opened at $15.46 on Thursday. The business has a fifty day moving average of $20.00 and a 200 day moving average of $23.14. Montrose Environmental Group, Inc. has a 52-week low of $14.13 and a 52-week high of $32.00. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76. The stock has a market cap of $558.72 million, a P/E ratio of 309.26, a PEG ratio of 1.19 and a beta of 1.83.

Montrose Environmental Group (NYSE:ONT - Get Free Report) last posted its quarterly earnings data 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. Montrose Environmental Group had a return on equity of 5.61% and a net margin of 0.71%.The company had revenue of $193.27 million during the quarter, compared to analysts' expectations of $186.24 million. During the same quarter in the previous year, the business earned ($0.90) EPS. Montrose Environmental Group's revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Montrose Environmental Group, Inc. will post 0.71 EPS for the current year.

Analyst Ratings Changes

ONT has been the subject of a number of recent research reports. Barclays dropped their target price 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. Needham & Company LLC dropped their target price on Montrose Environmental Group from $35.00 to $28.00 and set a "buy" rating for the company in a report on Friday, May 8th. Finally, Zacks Research cut Montrose Environmental Group from a "hold" rating to a "strong sell" rating in a report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Montrose Environmental Group has an average rating of "Hold" and a consensus price target of $26.67.

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.

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