Montrose Environmental Group (NYSE:ONT) Trading Down 4.3% - Here's What Happened

Key Points

• Montrose Environmental Group shares fell 4.3% on Tuesday, trading as low as $18.83 before ending near $18.95, with volume sharply below average at 89,376 shares.
• Recent analyst action was mixed but leaned cautious: Wall Street Zen downgraded the stock to sell, while JPMorgan cut its price target to $22 and Barclays slashed its target to $19. The consensus rating now stands at Hold with a $23 target.
• Insiders have been buying stock, including CFO Allan Dicks and Director Peter Graham, and they collectively purchased 36,535 shares over the last three months. Insider ownership is about 10.4%, while institutional investors hold nearly 87.9% of shares.

Montrose Environmental Group, Inc. (NYSE:ONT - Get Free Report)'s stock price traded down 4.3% on Tuesday . The stock traded as low as $18.83 and last traded at $18.95. 89,376 shares traded hands during trading, a decline of 82% from the average daily volume of 491,023 shares. The stock had previously closed at $19.81.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ONT shares. Wall Street Zen lowered shares of Montrose Environmental Group from a "hold" rating to a "sell" rating in a research note on Saturday. JPMorgan Chase & Co. dropped their price target on shares of Montrose Environmental Group from $24.00 to $22.00 and set a "neutral" rating for the company in a research note on Monday, July 13th. Weiss Ratings restated a "sell (d)" rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Needham & Company LLC reduced their price objective on shares of Montrose Environmental Group from $35.00 to $28.00 and set a "buy" rating on the stock in a research note on Friday, May 8th. Finally, Barclays lowered their target price on shares of Montrose Environmental Group from $40.00 to $19.00 and set an "overweight" rating for the company in a report on Monday, May 18th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $23.00.

Montrose Environmental Group Stock Down 5.1%

The company has a market cap of $679.43 million, a price-to-earnings ratio of 376.08, a price-to-earnings-growth ratio of 1.53 and a beta of 1.67. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76. The firm's fifty day moving average price is $17.92 and its 200-day moving average price is $21.27.

Insider Transactions at Montrose Environmental Group

In other Montrose Environmental Group news, CFO Allan Dicks acquired 6,535 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average cost of $15.36 per share, for a total transaction of $100,377.60. Following the transaction, the chief financial officer owned 218,178 shares of the company's stock, valued at $3,351,214.08. This trade represents a 3.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peter Graham bought 25,140 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average cost of $17.19 per share, with a total value of $432,156.60. Following the completion of the purchase, the director owned 256,689 shares in the company, valued at $4,412,483.91. This represents a 10.86% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders acquired 36,535 shares of company stock valued at $610,003. Insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Montrose Environmental Group

A number of large investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its stake in shares of 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 purchasing an additional 488 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in Montrose Environmental Group by 2.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company's stock valued at $497,000 after buying an additional 515 shares in the last quarter. CWM LLC increased its position in Montrose Environmental Group by 8.6% during the 4th quarter. CWM LLC now owns 8,324 shares of the company's stock worth $207,000 after buying an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Montrose Environmental Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company's stock worth $269,000 after buying an additional 780 shares during the period. Finally, Natixis Advisors LLC lifted its holdings in shares of Montrose Environmental Group by 4.3% during the third quarter. Natixis Advisors LLC now owns 26,962 shares of the company's stock worth $740,000 after buying an additional 1,120 shares in the last quarter. Institutional investors own 87.87% of the company's stock.

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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