Montrose Environmental Group (NYSE:ONT) Trading Down 5.9% After Analyst Downgrade

Key Points

• Montrose Environmental Group shares fell 5.9% to $15.54 after Barclays downgraded the stock from “overweight” to “equal weight” and set a $15 price target. Trading volume was about 153,465 shares, 71% below the average session volume.
• Analyst sentiment has weakened, with Bank of America also downgrading the stock to “underperform.” MarketBeat reports an overall “Reduce” rating and a consensus price target of $19.50.
• Despite the negative analyst outlook, director Peter Graham purchased 25,140 shares for approximately $432,157. Institutional investors own 87.87% of the company, while insiders hold 10.4%.

Montrose Environmental Group, Inc. (NYSE:ONT - Get Free Report) was down 5.9% during trading on Monday after Barclays downgraded the stock from an overweight rating to an equal weight rating. Barclays now has a $15.00 price target on the stock. Montrose Environmental Group traded as low as $15.31 and last traded at $15.54. Approximately 153,465 shares were traded during trading, a decline of 71% from the average session volume of 521,914 shares. The stock had previously closed at $16.51.

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

Insider Buying and Selling

In other Montrose Environmental Group news, Director Peter Graham purchased 25,140 shares of the business's stock in a transaction on Friday, June 5th. The stock was acquired at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the transaction, the director directly owned 256,689 shares in the company, valued at approximately $4,412,483.91. This represents a 10.86% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 10.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Montrose Environmental Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. boosted its position in 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 buying an additional 1,246,199 shares during the period. Goldman Sachs Group Inc. increased its position in shares of 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 acquiring an additional 975,770 shares during the period. Marshall Wace LLP increased its position in shares of 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of 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 acquiring an additional 179,855 shares during the last quarter. Finally, OP Asset Management Ltd bought a new position in shares of Montrose Environmental Group during the first quarter valued at about $3,418,000. Institutional investors own 87.87% of the company's stock.

Montrose Environmental Group Trading Down 5.9%

The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.84. The stock's fifty day moving average price is $19.13 and its two-hundred day moving average price is $20.81. The company has a market capitalization of $561.62 million, a PE ratio of -47.09, a price-to-earnings-growth ratio of 1.73 and a beta of 1.66.

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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