Montrose Environmental Group (NYSE:ONT) Sets New 12-Month Low on Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:ONT)’s stock price reached a new 52-week low during trading on Thursday after Bank of America downgraded the stock from a neutral rating to an underperform rating. Bank of America now has a $18.00 price target on the stock. Montrose Environmental Group traded as low as $12.68 and last traded at $15.17, with a volume of 220535 shares trading hands. The stock had previously closed at $22.63.

Other equities analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research report on Monday. Zacks Research upgraded shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. reduced 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. Weiss Ratings restated a “sell (d)” rating on shares of Montrose Environmental Group in a research report on Friday, May 29th. Finally, Needham & Company LLC dropped their price target on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $21.75.

Insiders Place Their Bets

In other news, CFO Allan Dicks purchased 6,535 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the acquisition, the chief financial officer directly owned 218,178 shares of the company’s stock, valued at $3,351,214.08. The trade was a 3.09% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter Graham purchased 25,140 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were 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 of the company’s stock, valued at $4,412,483.91. This trade represents a 10.86% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 36,535 shares of company stock valued at $610,003 in the last quarter. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Montrose Environmental Group

A number of institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Montrose Environmental Group by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock valued at $269,000 after acquiring an additional 780 shares in the last quarter. Goldman Sachs Group Inc. increased its position 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 last quarter. Rhumbline Advisers raised its stake in shares of Montrose Environmental Group by 27.9% during 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 in the last quarter. Invesco Ltd. raised its stake in shares of Montrose Environmental Group by 13.1% during 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 in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Montrose Environmental Group by 245.0% during the 2nd quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock valued at $8,398,000 after buying an additional 272,444 shares during the last quarter. Institutional investors and hedge funds own 87.87% of the company’s stock.

Montrose Environmental Group Trading Down 34.9%

The company has a 50 day moving average of $19.12 and a 200 day moving average of $20.89. The firm has a market cap of $532.33 million, a P/E ratio of 294.66, a PEG ratio of 1.67 and a beta of 1.66. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.84 and a current ratio of 1.84.

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.