Montrose Environmental Group (NYSE:ONT) Trading Up 4.2% - Here's What Happened

Key Points

• Montrose Environmental Group shares rose 4.2% to $17.04, though trading volume was about 90% below the average daily volume.
• Analyst sentiment remains cautious: the stock has a consensus rating of “Reduce” and an average price target of $19.50, with several firms recently lowering their targets.
• The company exceeded quarterly expectations, reporting $0.51 in EPS versus $0.08 expected and revenue of $186.66 million versus the $179.69 million consensus estimate. Director Peter Graham also bought 25,140 shares.

Montrose Environmental Group, Inc. (NYSE:ONT - Get Free Report)'s share price shot up 4.2% on Friday . The stock traded as high as $17.04 and last traded at $17.04. Approximately 56,549 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 544,769 shares. The stock had previously closed at $16.35.

Analyst Ratings Changes

Several brokerages recently issued reports on ONT. JPMorgan Chase & Co. cut their price objective 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. Needham & Company LLC cut their price target on Montrose Environmental Group from $28.00 to $23.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Barclays reissued an "equal weight" rating and issued a $15.00 price target (down from $19.00) on shares of Montrose Environmental Group in a research note on Friday, August 7th. Weiss Ratings cut shares of Montrose Environmental Group from a "sell (d)" rating to a "sell (e+)" rating in a research note on Tuesday, August 11th. Finally, Zacks Research upgraded shares of Montrose Environmental Group from a "strong sell" rating to a "hold" rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Montrose Environmental Group presently has a consensus rating of "Reduce" and a consensus target price of $19.50.

Montrose Environmental Group Trading Up 3.9%

The company has a market capitalization of $596.34 million, a P/E ratio of -51.45, a P/E/G ratio of 1.70 and a beta of 1.66. The company has a 50-day simple moving average of $18.94 and a 200 day simple moving average of $20.15. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.00 and a current ratio of 2.00.

Montrose Environmental Group (NYSE:ONT - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.43. The business had revenue of $186.66 million for the quarter, compared to the consensus estimate of $179.69 million. Montrose Environmental Group had a negative net margin of 1.44% and a positive return on equity of 4.11%. Sell-side analysts expect that Montrose Environmental Group, Inc. will post 0.74 earnings per share for the current year.

Insider Activity

In related news, Director Peter Graham acquired 25,140 shares of the business's stock in a transaction dated Friday, June 5th. The stock was acquired at an average price of $17.19 per share, with a total value of $432,156.60. Following the completion of the transaction, the director owned 256,689 shares of the company's stock, valued at approximately $4,412,483.91. This represents a 10.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 10.40% of the company's stock.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new stake in shares of Montrose Environmental Group in the 3rd quarter worth approximately $32,000. Canada Pension Plan Investment Board lifted its position in Montrose Environmental Group by 533.3% in the second quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company's stock worth $42,000 after purchasing an additional 1,600 shares during the period. Tower Research Capital LLC TRC lifted 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 period. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Montrose Environmental Group during the fourth quarter worth $75,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Montrose Environmental Group in the 4th quarter valued at $103,000. 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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