Montrose Environmental Group (NYSE:ONT) Stock Falls 6.1% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:ONT)’s share price fell 6.1% during trading on Thursday. The company traded as low as $15.96 and last traded at $15.98. 117,213 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 540,872 shares. The stock had previously closed at $17.02.

Analysts Set New Price Targets

ONT has been the topic of a number of research analyst reports. Barclays restated an “equal weight” rating and set a $15.00 price target (down from $19.00) on shares of Montrose Environmental Group in a research note on Friday, August 7th. Bank of America lowered shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price objective for the company. in a research report on Thursday, August 6th. JPMorgan Chase & Co. lowered their target price 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. Needham & Company LLC dropped their target price on shares of Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Finally, Weiss Ratings lowered shares of Montrose Environmental Group from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. One equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $19.50.

Montrose Environmental Group Trading Down 16.3%

The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.84. The stock has a 50-day simple moving average of $17.85 and a 200 day simple moving average of $19.14. The company has a market cap of $494.14 million, a price-to-earnings ratio of -42.64, a PEG ratio of 1.73 and a beta of 1.65.

Montrose Environmental Group (NYSE:ONT) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.43. Montrose Environmental Group had a positive return on equity of 4.11% and a negative net margin of 1.44%.The business had revenue of $186.66 million for the quarter, compared to analyst estimates of $179.69 million. As a group, equities research analysts predict that Montrose Environmental Group, Inc. will post 0.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its holdings in shares of Montrose Environmental Group by 5.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock valued at $29,470,000 after acquiring an additional 66,543 shares during the last quarter. OP Asset Management Ltd acquired a new stake in shares of Montrose Environmental Group in the first quarter worth $3,418,000. Jupiter Asset Management Ltd. purchased a new position in shares of Montrose Environmental Group during the fourth quarter worth $357,000. Legal & General Group Plc raised its holdings in shares of Montrose Environmental Group by 3.7% during the fourth quarter. Legal & General Group Plc now owns 638,630 shares of the company’s stock worth $15,857,000 after purchasing an additional 22,711 shares during the last quarter. Finally, CenterBook Partners LP lifted its position in Montrose Environmental Group by 17.6% during the fourth quarter. CenterBook Partners LP now owns 110,820 shares of the company’s stock valued at $2,752,000 after purchasing an additional 16,611 shares during the period. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Company Profile

Montrose Environmental Group, Inc is an environmental services company that helps industrial, commercial, governmental and other organizations address environmental compliance, pollution control and sustainability challenges. Its services support clients throughout the life cycle of environmental projects, from assessment and permitting to monitoring, remediation and long-term management.

The company provides environmental measurement and analysis, air quality and emissions monitoring, environmental consulting, regulatory compliance support, emergency response, site investigation and remediation services.