Montrose Environmental Group (NYSE:ONT) Shares Gap Up Following Insider Buying Activity

Montrose Environmental Group, Inc. (NYSE:ONT) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $16.69, but opened at $17.52. Montrose Environmental Group shares last traded at $17.18, with a volume of 45,444 shares changing hands.

Specifically, Director Peter Graham purchased 25,140 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $17.19 per share, with a total value of $432,156.60. Following the transaction, the director owned 256,689 shares in the company, valued at approximately $4,412,483.91. This trade represents a 10.86% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter Graham acquired 4,860 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was bought at an average cost of $15.94 per share, for a total transaction of $77,468.40. Following the completion of the transaction, the director directly owned 231,549 shares of the company’s stock, valued at $3,690,891.06. This trade represents a 2.14% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

ONT has been the subject of several analyst reports. Needham & Company LLC decreased their target price 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 reduced their price target on Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating on the stock in a research report on Monday, May 18th. Weiss Ratings restated a “sell (d)” rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Finally, Zacks Research raised shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Montrose Environmental Group currently has a consensus rating of “Hold” and an average target price of $26.67.

Montrose Environmental Group Price Performance

The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76. The company’s 50-day moving average price is $19.05 and its two-hundred day moving average price is $22.69. The company has a market cap of $621.25 million, a P/E ratio of 343.87, a P/E/G ratio of 1.28 and a beta of 1.73.

Hedge Funds Weigh In On Montrose Environmental Group

Several large investors have recently added to or reduced their stakes in ONT. Advisory Services Network LLC bought a new position in shares of Montrose Environmental Group in the 3rd quarter worth about $32,000. Canada Pension Plan Investment Board grew its position in shares of Montrose Environmental Group by 533.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after buying an additional 1,600 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Montrose Environmental Group during the fourth quarter worth about $75,000. Tower Research Capital LLC TRC raised 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 acquiring an additional 1,508 shares during the period. Finally, Assetmark Inc. bought a new position in Montrose Environmental Group in the fourth quarter worth about $84,000. 87.87% of the stock is currently owned by institutional investors.

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.