Montrose Environmental Group (NYSE:ONT) Given New $28.00 Price Target at Needham & Company LLC

Montrose Environmental Group (NYSE:ONT) had its price objective dropped by equities researchers at Needham & Company LLC from $35.00 to $28.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price suggests a potential upside of 75.44% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Zacks Research cut Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research note on Monday. Wall Street Zen cut Montrose Environmental Group from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $32.33.

Montrose Environmental Group Stock Down 8.5%

Shares of NYSE ONT traded down $1.49 during trading on Friday, reaching $15.96. The company had a trading volume of 1,120,822 shares, compared to its average volume of 369,592. Montrose Environmental Group has a 12-month low of $15.40 and a 12-month high of $32.00. The stock has a market cap of $577.27 million, a PE ratio of 319.26, a P/E/G ratio of 2.04 and a beta of 1.83. The business’s 50-day moving average is $23.09 and its 200 day moving average is $24.23. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.68.

Montrose Environmental Group (NYSE:ONT) last released its earnings results on Wednesday, February 25th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.11. Montrose Environmental Group had a return on equity of 5.55% and a net margin of 0.71%.The firm had revenue of $193.27 million for the quarter, compared to analysts’ expectations of $186.24 million. During the same period in the prior year, the firm posted ($0.90) earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities analysts forecast that Montrose Environmental Group will post 0.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Vijay Manthripragada sold 46,121 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.41, for a total transaction of $1,171,934.61. Following the transaction, the chief executive officer directly owned 236,788 shares of the company’s stock, valued at $6,016,783.08. This represents a 16.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Nasym Afsari sold 43,348 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $28.37, for a total value of $1,229,782.76. Following the transaction, the general counsel directly owned 204,878 shares in the company, valued at approximately $5,812,388.86. The trade was a 17.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 107,527 shares of company stock valued at $2,908,583. Company insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC bought a new position in Montrose Environmental Group in the third quarter valued at about $32,000. Canada Pension Plan Investment Board lifted its holdings 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 valued at $42,000 after acquiring an additional 1,600 shares during the period. Dixon Mitchell Investment Counsel Inc. bought a new position in Montrose Environmental Group in the fourth quarter valued at about $75,000. Tower Research Capital LLC TRC lifted its holdings 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 valued at $68,000 after acquiring an additional 1,508 shares during the period. Finally, Assetmark Inc. bought a new position in Montrose Environmental Group in the fourth quarter valued at about $84,000. 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.