Montrose Environmental Group, Inc. $ONT Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC trimmed its stake in Montrose Environmental Group, Inc. (NYSE:ONT) by 7.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,068,555 shares of the company’s stock after selling 81,141 shares during the quarter. Fred Alger Management LLC’s holdings in Montrose Environmental Group were worth $26,532,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Advisory Services Network LLC purchased a new stake in Montrose Environmental Group in the third quarter valued at approximately $32,000. Canada Pension Plan Investment Board grew its holdings in Montrose Environmental Group by 533.3% in the second quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after purchasing an additional 1,600 shares during the period. Dixon Mitchell Investment Counsel Inc. purchased a new stake in Montrose Environmental Group in the fourth quarter valued at approximately $75,000. Tower Research Capital LLC TRC grew its holdings in Montrose Environmental Group by 95.6% in the second quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after purchasing an additional 1,508 shares during the period. Finally, Assetmark Inc. purchased a new stake in Montrose Environmental Group in the fourth quarter valued at approximately $84,000. 87.87% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ONT. Zacks Research upgraded shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Barclays lowered their target price on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a 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, Needham & Company LLC lowered their target price on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $26.67.

Montrose Environmental Group Price Performance

ONT opened at $16.94 on Wednesday. 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, Inc. has a 52-week low of $14.13 and a 52-week high of $32.00. The company has a 50 day moving average of $18.45 and a two-hundred day moving average of $22.34. The company has a market cap of $612.21 million, a P/E ratio of 338.87, a P/E/G ratio of 1.24 and a beta of 1.72.

Insider Activity at Montrose Environmental Group

In other Montrose Environmental Group news, CFO Allan Dicks acquired 6,535 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the purchase, the chief financial officer directly owned 218,178 shares in the company, valued at $3,351,214.08. This represents a 3.09% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter Graham bought 25,140 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was purchased at an average price of $17.19 per share, with a total value of $432,156.60. Following the completion of the purchase, the director directly owned 256,689 shares of the company’s stock, valued at approximately $4,412,483.91. This trade represents a 10.86% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have acquired 36,535 shares of company stock valued at $610,003. 10.40% of the stock is owned by insiders.

Montrose Environmental Group 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.