Montrose Environmental Group (NYSE:ONT) Rating Lowered to "Hold" at Barclays

Key Points

• Barclays downgraded Montrose Environmental Group from “strong buy” to “hold,” while other analysts issued mixed ratings. The stock has a consensus “reduce” rating and a $19.50 price target.
• Montrose shares opened at $16.87, compared with a 52-week range of $12.68 to $31.22, and have recently traded below their 50-day and 200-day moving averages.
• Company insiders purchased 36,535 shares worth approximately $610,000 over the past three months, while institutional investors own 87.87% of the stock.

Montrose Environmental Group (NYSE:ONT - Get Free Report) was downgraded by stock analysts at Barclays from a "strong-buy" rating to a "hold" rating in a research report issued on Thursday,Zacks.com reports.

A number of other analysts have also issued reports on ONT. Bank of America lowered Montrose Environmental Group from a "neutral" rating to an "underperform" rating and set a $18.00 price target for the company. in a report on Thursday. Needham & Company LLC decreased their target price on Montrose Environmental Group from $28.00 to $23.00 and set a "buy" rating for the company in a research report on Friday. Weiss Ratings reiterated a "sell (d)" rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Wall Street Zen downgraded Montrose Environmental Group from a "hold" rating to a "sell" rating in a research report on Monday, August 3rd. Finally, Zacks Research upgraded Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus price target of $19.50.

Montrose Environmental Group Price Performance

Montrose Environmental Group stock opened at $16.87 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market cap of $609.68 million, a price-to-earnings ratio of -51.12, a price-to-earnings-growth ratio of 1.10 and a beta of 1.66. The firm has a 50-day moving average of $19.13 and a two-hundred day moving average of $20.82. Montrose Environmental Group has a 1 year low of $12.68 and a 1 year high of $31.22.

Insider Activity at Montrose Environmental Group

In related news, Director Peter Graham bought 25,140 shares of the company's stock in a transaction on Friday, June 5th. The shares were acquired at an average price of $17.19 per share, with a total value of $432,156.60. Following the transaction, the director owned 256,689 shares of the company's stock, valued at $4,412,483.91. The trade was a 10.86% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Allan Dicks purchased 6,535 shares of the business's stock in a transaction dated 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 acquisition, the chief financial officer directly owned 218,178 shares in the company, valued at approximately $3,351,214.08. This trade represents a 3.09% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 36,535 shares of company stock worth $610,003. 10.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Large investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its holdings in shares of Montrose Environmental Group by 3,407.7% during 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. raised its stake in Montrose Environmental Group by 128.9% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company's stock valued at $43,030,000 after buying an additional 975,770 shares during the last quarter. 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 worth $8,398,000 after acquiring an additional 272,444 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Montrose Environmental Group by 14.1% in 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 worth $36,192,000 after acquiring an additional 179,855 shares in the last quarter. Finally, OP Asset Management Ltd purchased a new stake in shares of Montrose Environmental Group during the first quarter worth about $3,418,000. 87.87% of the stock is currently 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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