Montrose Environmental Group (NYSE:ONT) Hits New 12-Month Low – Here’s Why

Shares of Montrose Environmental Group, Inc. (NYSE:ONT) hit a new 52-week low during trading on Wednesday . The company traded as low as $14.27 and last traded at $14.36, with a volume of 1165529 shares trading hands. The stock had previously closed at $15.37.

Analysts Set New Price Targets

ONT has been the subject of a number of recent analyst reports. Needham & Company LLC lowered their price target on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Barclays lowered their price target on Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Zacks Research cut Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $26.67.

Montrose Environmental Group Trading Up 0.8%

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 company has a market capitalization of $569.93 million, a P/E ratio of 315.46, a PEG ratio of 1.17 and a beta of 1.83. The business has a 50 day moving average price of $20.73 and a 200 day moving average price of $23.40.

Montrose Environmental Group (NYSE:ONT) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. Montrose Environmental Group had a return on equity of 5.61% and a net margin of 0.71%.The company had revenue of $193.27 million during the quarter, compared to analysts’ expectations of $186.24 million. During the same period in the prior year, the business posted ($0.90) EPS. Montrose Environmental Group’s revenue was up 2.2% on a year-over-year basis. Analysts anticipate that Montrose Environmental Group, Inc. will post 0.71 EPS for the current year.

Insiders Place Their Bets

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, General Counsel Nasym Afsari sold 43,348 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $28.37, for a total transaction of $1,229,782.76. Following the sale, the general counsel 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. The disclosure for this sale is available in the SEC filing. Insiders sold 107,527 shares of company stock worth $2,908,583 in the last three months. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Montrose Environmental Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ONT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Montrose Environmental Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock worth $269,000 after purchasing an additional 780 shares during the period. Goldman Sachs Group Inc. boosted its stake in Montrose Environmental Group by 39.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 326,969 shares of the company’s stock worth $4,663,000 after purchasing an additional 92,671 shares during the period. Rhumbline Advisers boosted its stake in Montrose Environmental Group by 27.9% in the 2nd quarter. Rhumbline Advisers now owns 57,667 shares of the company’s stock worth $1,262,000 after purchasing an additional 12,566 shares during the period. Invesco Ltd. boosted its stake in Montrose Environmental Group by 13.1% in the 2nd quarter. Invesco Ltd. now owns 152,085 shares of the company’s stock worth $3,329,000 after purchasing an additional 17,601 shares during the period. Finally, Marshall Wace LLP boosted its stake in Montrose Environmental Group by 245.0% in the 2nd quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after purchasing an additional 272,444 shares during the period. 87.87% of the stock is owned by institutional investors and hedge funds.

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.