Montrose Environmental Group (NYSE:ONT) Stock Price Down 6.1% – Time to Sell?

Montrose Environmental Group, Inc. (NYSE:ONT)’s stock price dropped 6.1% during mid-day trading on Tuesday . The company traded as low as $15.62 and last traded at $15.62. Approximately 445,834 shares changed hands during trading, an increase of 5% from the average daily volume of 424,675 shares. The stock had previously closed at $16.63.

Analyst Upgrades and Downgrades

ONT has been the subject of a number of recent analyst reports. Needham & Company LLC cut their price objective on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Barclays lowered their target price on Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a report on Monday, May 18th. Finally, Zacks Research cut Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $26.67.

Montrose Environmental Group Stock Up 1.8%

The business has a fifty day moving average of $19.86 and a 200 day moving average of $23.07. The company has a market capitalization of $567.76 million, a PE ratio of 314.26, a PEG ratio of 1.15 and a beta of 1.83. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76.

Montrose Environmental Group (NYSE:ONT) last announced its earnings results on Wednesday, February 25th. The company reported $0.35 EPS for the quarter, beating 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 company had revenue of $193.27 million during the quarter, compared to analysts’ expectations of $186.24 million. During the same period last year, the business posted ($0.90) EPS. Montrose Environmental Group’s revenue for the quarter was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Montrose Environmental Group, Inc. will post 0.71 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Allan Dicks acquired 6,535 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was acquired 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jose Revuelta sold 7,858 shares of Montrose Environmental Group stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $27.00, for a total value of $212,166.00. Following the completion of the transaction, the insider owned 269,282 shares of the company’s stock, valued at $7,270,614. The trade was a 2.84% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 107,527 shares of company stock worth $2,908,583. Corporate insiders own 10.40% of the company’s stock.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds and other institutional investors have recently made changes to their positions in ONT. Advisory Services Network LLC purchased a new stake in Montrose Environmental Group during the third quarter worth approximately $32,000. Canada Pension Plan Investment Board lifted its stake in Montrose Environmental Group by 533.3% during the second quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock worth $42,000 after purchasing an additional 1,600 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Montrose Environmental Group by 95.6% during the second quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock worth $68,000 after purchasing an additional 1,508 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Montrose Environmental Group during the fourth quarter worth approximately $75,000. Finally, Assetmark Inc. purchased a new stake in Montrose Environmental Group during the fourth quarter worth approximately $84,000. Hedge funds and other 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.