JPMorgan Chase & Co. Cuts Montrose Environmental Group (NYSE:ONT) Price Target to $22.00

Key Points

• JPMorgan Chase & Co. lowered its price target on Montrose Environmental Group to $22 from $24 while keeping a neutral rating. The new target implies about 8.5% upside from the previous close.
• Other analysts were mixed on the stock: Barclays cut its target to $19, Needham lowered its target to $28 with a buy rating, Weiss reiterated a sell rating, and Zacks upgraded it to hold. Overall, the consensus rating remains Hold with an average target price of $23.
• ONT shares fell to $20.28 in Monday trading, near the analyst target range, while company insiders recently bought shares. Director Peter Graham and CFO Allan Dicks both increased their holdings, and insiders now own about 10.4% of the stock.

Montrose Environmental Group (NYSE:ONT - Get Free Report) had its price objective cut by equities researchers at JPMorgan Chase & Co. from $24.00 to $22.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 8.48% from the company's previous close.

A number of other research firms have also recently weighed in on ONT. Barclays lowered 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 note on Monday, May 18th. Weiss Ratings restated a "sell (d)" rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Needham & Company LLC decreased their price objective 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. Finally, Zacks Research raised Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $23.00.

Montrose Environmental Group Price Performance

Shares of ONT stock traded down $0.67 during mid-day trading on Monday, reaching $20.28. The company's stock had a trading volume of 182,946 shares, compared to its average volume of 490,930. Montrose Environmental Group has a 1-year low of $14.13 and a 1-year high of $32.00. The company has a market cap of $732.90 million, a P/E ratio of 405.68, a PEG ratio of 1.56 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 firm's 50-day moving average is $17.74 and its two-hundred day moving average is $21.51.

Insider Activity

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

Institutional Trading of Montrose Environmental Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company lifted its holdings 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 acquiring an additional 488 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings 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 worth $497,000 after acquiring an additional 515 shares in the last quarter. CWM LLC raised its position in shares of Montrose Environmental Group by 8.6% during the fourth quarter. CWM LLC now owns 8,324 shares of the company's stock worth $207,000 after purchasing an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 purchasing an additional 780 shares during the period. Finally, ArrowMark Colorado Holdings LLC lifted its holdings in shares of Montrose Environmental Group by 0.3% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,430 shares of the company's stock valued at $7,618,000 after purchasing an additional 786 shares in the last quarter. 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.

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