Montrose Environmental Group (NYSE:ONT) Trading 7.9% Higher After Insider Buying Activity

Montrose Environmental Group, Inc. (NYSE:ONT) traded up 7.9% on Tuesday after an insider bought additional shares in the company. The stock traded as high as $17.42 and last traded at $17.18. 252,711 shares were traded during mid-day trading, a decline of 34% from the average session volume of 380,240 shares. The stock had previously closed at $15.92.

Specifically, CFO Allan Dicks bought 6,535 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average cost of $15.36 per share, with a total value of $100,377.60. Following the completion of the purchase, the chief financial officer directly 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 filing with the SEC, which is available at this link.

Analysts Set New Price Targets

A number of research analysts have commented on ONT shares. Wall Street Zen lowered Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Needham & Company LLC reduced their target price on 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. Finally, Zacks Research lowered Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Two research 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $32.33.

Montrose Environmental Group Stock Down 2.1%

The company has a market capitalization of $549.31 million, a P/E ratio of 304.06, a price-to-earnings-growth ratio of 1.07 and a beta of 1.83. The company has a 50-day moving average of $22.17 and a two-hundred day moving average of $23.90. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76.

Montrose Environmental Group (NYSE:ONT) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.35 earnings per share (EPS) for the quarter, topping 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 business had revenue of $193.27 million during the quarter, compared to the consensus estimate of $186.24 million. During the same quarter in the prior year, the company earned ($0.90) earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, research analysts predict that Montrose Environmental Group, Inc. will post 0.78 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Montrose Environmental Group by 4.3% in the first 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 position in shares of 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 in the last quarter. Rhumbline Advisers grew its stake in shares of 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 buying an additional 12,566 shares during the last quarter. Invesco Ltd. increased its position in Montrose Environmental Group by 13.1% during the 2nd quarter. Invesco Ltd. now owns 152,085 shares of the company’s stock valued at $3,329,000 after buying an additional 17,601 shares in the last quarter. Finally, Marshall Wace LLP increased its position in 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 in the last quarter. 87.87% of the stock is owned by hedge funds and other institutional investors.

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.