Montrose Environmental Group (NYSE:ONT) Price Target Cut to $23.00 by Analysts at Needham & Company LLC

Montrose Environmental Group (NYSE:ONT) had its price target lowered by Needham & Company LLC from $28.00 to $23.00 in a research note released on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Zacks Research upgraded Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Weiss Ratings restated a “sell (d)” rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Wall Street Zen downgraded Montrose Environmental Group from a “hold” rating to a “sell” rating in a report on Monday, August 3rd. Bank of America lowered Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price objective on the stock. in a research note on Thursday. Finally, JPMorgan Chase & Co. decreased their target price on Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating for the company in a report on Monday, July 13th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $19.50.

Montrose Environmental Group Stock Up 11.8%

Shares of NYSE ONT opened at $16.87 on Friday. Montrose Environmental Group has a 52-week low of $12.68 and a 52-week high of $31.22. The firm has a fifty day moving average of $19.13 and a 200-day moving average of $20.82. The stock has a market capitalization of $609.68 million, a PE ratio of -51.12, a P/E/G ratio of 1.10 and a beta of 1.66. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76.

Insiders Place Their Bets

In related news, Director Peter Graham acquired 25,140 shares of the business’s stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $17.19 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Allan Dicks acquired 6,535 shares of Montrose Environmental Group stock in a transaction on Monday, May 11th. The shares were bought at an average price of $15.36 per share, for a total transaction of $100,377.60. Following the purchase, the chief financial officer owned 218,178 shares of the company’s stock, valued at $3,351,214.08. This represents a 3.09% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders have purchased 36,535 shares of company stock valued at $610,003. 10.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Montrose Environmental Group

A number of large investors have recently modified their holdings of ONT. Tudor Investment Corp ET AL acquired a new stake in Montrose Environmental Group during the 3rd quarter valued at approximately $3,979,000. Fisher Asset Management LLC raised its position in shares of Montrose Environmental Group by 36.7% in the 4th quarter. Fisher Asset Management LLC now owns 352,569 shares of the company’s stock valued at $8,754,000 after purchasing an additional 94,697 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Montrose Environmental Group by 3.0% in 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 in the last quarter. Stephens Investment Management Group LLC boosted 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 during the last quarter. Finally, Principal Financial Group Inc. boosted 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 during the last quarter. Institutional investors and hedge funds 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.