Montrose Environmental Group (NYSE:ONT) Trading Up 5.4% – Here’s Why

Montrose Environmental Group, Inc. (NYSE:ONT)’s share price traded up 5.4% on Tuesday . The company traded as high as $17.04 and last traded at $16.90. Approximately 274,259 shares traded hands during trading, a decline of 48% from the average session volume of 531,989 shares. The stock had previously closed at $16.04.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Monday, July 13th. Bank of America lowered shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 target price for the company. in a research note on Thursday, August 6th. Wall Street Zen cut Montrose Environmental Group from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Weiss Ratings lowered Montrose Environmental Group from a “sell (d)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Finally, Needham & Company LLC reduced their price objective on Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, August 7th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $19.50.

Montrose Environmental Group Stock Up 1.1%

The company has a market capitalization of $569.60 million, a PE ratio of -49.15, a P/E/G ratio of 1.81 and a beta of 1.66. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.00 and a quick ratio of 2.00. The company has a 50-day moving average of $19.11 and a two-hundred day moving average of $20.55.

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

Insider Buying and Selling at Montrose Environmental Group

In related news, Director Peter Graham acquired 25,140 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average cost of $17.19 per share, for a total transaction of $432,156.60. Following the purchase, the director owned 256,689 shares in the company, valued at $4,412,483.91. The trade was a 10.86% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 10.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fisher Asset Management LLC boosted its position in shares of Montrose Environmental Group by 36.7% in the fourth quarter. Fisher Asset Management LLC now owns 352,569 shares of the company’s stock worth $8,754,000 after purchasing an additional 94,697 shares during the period. Vanguard Group Inc. raised its position in shares of Montrose Environmental Group by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 1,986,620 shares of the company’s stock valued at $49,328,000 after purchasing an additional 57,437 shares during the period. Stephens Investment Management Group LLC lifted its stake in shares of Montrose Environmental Group by 6.6% during the 4th quarter. Stephens Investment Management Group LLC now owns 704,702 shares of the company’s stock valued at $17,498,000 after buying an additional 43,774 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Montrose Environmental Group by 5.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock valued at $29,470,000 after buying an additional 66,543 shares in the last quarter. Finally, Summit Creek Advisors LLC boosted its holdings in Montrose Environmental Group by 10.6% in the 4th quarter. Summit Creek Advisors LLC now owns 628,786 shares of the company’s stock worth $15,613,000 after buying an additional 60,237 shares during the period. Institutional investors own 87.87% of the company’s stock.

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.