Montrose Environmental Group (NYSE:ONT) Downgraded to "Underperform" Rating by Bank of America

Key Points

• Bank of America downgraded Montrose Environmental Group from “neutral” to “underperform” and set an $18 price target, implying approximately 21% downside from the reported $22.80 share price.
• Analyst sentiment is mixed: the stock has a consensus “hold” rating and an average price target of $21.75, with two buy, two hold, and two sell ratings.
• Insiders purchased 36,535 shares worth about $610,000 during the last quarter, while institutional investors own approximately 87.87% of the company.

Montrose Environmental Group (NYSE:ONT - Get Free Report) was downgraded by equities research analysts at Bank of America from a "neutral" rating to an "underperform" rating in a research note issued to investors on Thursday, MarketBeat.com reports. They currently have a $18.00 price target on the stock. Bank of America's price objective would indicate a potential downside of 21.05% from the stock's current price.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. dropped their target price 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. Weiss Ratings restated a "sell (d)" rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Barclays decreased their price objective on Montrose Environmental Group from $40.00 to $19.00 and set an "overweight" rating on the stock in a report on Monday, May 18th. Zacks Research raised Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. Finally, Wall Street Zen lowered Montrose Environmental Group from a "hold" rating to a "sell" rating in a research note on Monday. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $21.75.

Montrose Environmental Group Stock Down 0.2%

Shares of NYSE ONT opened at $22.80 on Thursday. The stock has a market cap of $823.97 million, a PE ratio of 456.09, a P/E/G ratio of 1.67 and a beta of 1.66. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76. Montrose Environmental Group has a 12-month low of $14.13 and a 12-month high of $32.00. The company has a 50-day moving average of $19.12 and a 200 day moving average of $20.89.

Insiders Place Their Bets

In other Montrose Environmental Group news, Director Peter Graham bought 25,140 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the purchase, the director directly 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Allan Dicks purchased 6,535 shares of the company's stock in a transaction on Monday, May 11th. The stock was bought at an average price of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the purchase, the chief financial officer directly owned 218,178 shares of the company's stock, valued at $3,351,214.08. The trade was a 3.09% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have purchased 36,535 shares of company stock valued at $610,003. Insiders own 10.40% of the company's stock.

Institutional Trading of Montrose Environmental Group

Several institutional investors and hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. raised its stake in Montrose Environmental Group by 3,407.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company's stock valued at $28,080,000 after purchasing an additional 1,246,199 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Montrose Environmental Group by 128.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company's stock worth $43,030,000 after acquiring an additional 975,770 shares during the period. Marshall Wace LLP boosted its holdings in Montrose Environmental Group by 245.0% in the second quarter. Marshall Wace LLP now owns 383,661 shares of the company's stock valued at $8,398,000 after acquiring an additional 272,444 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Montrose Environmental Group by 14.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,457,574 shares of the company's stock valued at $36,192,000 after buying an additional 179,855 shares in the last quarter. Finally, OP Asset Management Ltd purchased a new stake in shares of Montrose Environmental Group in the first quarter worth about $3,418,000. 87.87% of the stock is owned by hedge funds and other 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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