Montrose Environmental Group, Inc. (NYSE:ONT) Receives Average Rating of "Reduce" from Brokerages

Key Points

• Analyst sentiment is bearish: Six brokerages give Montrose Environmental Group an average “Reduce” rating, with two sells, three holds and one buy. The average 12-month price target is $19.50, though several firms recently lowered their targets.
• Shares opened at $16.18, well below the 52-week high of $31.22, while the stock’s 50-day and 200-day moving averages were $19.10 and $20.51, respectively.
• Quarterly results exceeded expectations: The company reported $0.51 in earnings per share versus an $0.08 consensus estimate and revenue of $186.66 million versus $179.69 million expected. Director Peter Graham also purchased 25,140 shares, increasing his ownership by 10.86%.

Montrose Environmental Group, Inc. (NYSE:ONT - Get Free Report) has received an average rating of "Reduce" from the six research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $19.50.

Several research analysts recently issued reports on ONT shares. Wall Street Zen cut Montrose Environmental Group from a "hold" rating to a "sell" rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. lowered their price target on Montrose Environmental Group from $24.00 to $22.00 and set a "neutral" rating for the company in a research report on Monday, July 13th. Needham & Company LLC dropped their price objective on Montrose Environmental Group from $28.00 to $23.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Zacks Research raised shares of Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 2nd. Finally, Barclays reiterated an "equal weight" rating and issued a $15.00 target price (down from $19.00) on shares of Montrose Environmental Group in a research note on Friday, August 7th.

Insiders Place Their Bets

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 shares were acquired at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the acquisition, the director owned 256,689 shares in the company, valued at $4,412,483.91. This trade represents a 10.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds have recently modified their holdings of the company. Advisory Services Network LLC bought a new position in shares of Montrose Environmental Group in the third quarter valued at approximately $32,000. Canada Pension Plan Investment Board lifted its holdings in Montrose Environmental Group by 533.3% during the second quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company's stock worth $42,000 after acquiring an additional 1,600 shares during the period. Dixon Mitchell Investment Counsel Inc. bought a new stake in Montrose Environmental Group during the fourth quarter worth $75,000. Tower Research Capital LLC TRC boosted its position in Montrose Environmental Group by 95.6% in the second 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 last quarter. Finally, Assetmark Inc. purchased a new position in Montrose Environmental Group in the fourth quarter worth $84,000. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Price Performance

Shares of NYSE ONT opened at $16.18 on Wednesday. Montrose Environmental Group has a fifty-two week low of $12.68 and a fifty-two week high of $31.22. The stock has a market cap of $568.24 million, a price-to-earnings ratio of -49.03, a PEG ratio of 1.81 and a beta of 1.66. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.00 and a current ratio of 2.00. The firm's 50-day simple moving average is $19.10 and its 200 day simple moving average is $20.51.

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

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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