Montrose Environmental Group (NYSE:ONT) Reaches New 52-Week Low After Analyst Downgrade

Montrose Environmental Group, Inc. (NYSE:ONT)’s share price hit a new 52-week low during trading on Friday after Needham & Company LLC lowered their price target on the stock from $35.00 to $28.00. Needham & Company LLC currently has a buy rating on the stock. Montrose Environmental Group traded as low as $16.60 and last traded at $16.62, with a volume of 35268 shares traded. The stock had previously closed at $17.45.

A number of other equities analysts also recently commented on the company. Wall Street Zen downgraded Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Zacks Research downgraded Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $32.33.

Insiders Place Their Bets

In other Montrose Environmental Group news, CEO Vijay Manthripragada sold 46,121 shares of Montrose Environmental Group stock in a transaction on Friday, March 13th. The stock was sold at an average price of $25.41, for a total value of $1,171,934.61. Following the sale, the chief executive officer owned 236,788 shares in the company, valued at $6,016,783.08. The trade was a 16.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jose Revuelta sold 7,858 shares of Montrose Environmental Group stock in a transaction on 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 sale, the insider owned 269,282 shares in the company, valued at $7,270,614. This represents a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 107,527 shares of company stock worth $2,908,583 over the last ninety days. Company insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Montrose Environmental Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its holdings in shares of Montrose Environmental Group by 4.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,926 shares of the company’s stock valued at $261,000 after buying an additional 488 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of Montrose Environmental Group by 2.3% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 22,660 shares of the company’s stock valued at $497,000 after buying an additional 515 shares during the period. CWM LLC raised its holdings in shares of Montrose Environmental Group by 8.6% in the 4th quarter. CWM LLC now owns 8,324 shares of the company’s stock valued at $207,000 after buying an additional 659 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Montrose Environmental Group by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,876 shares of the company’s stock valued at $269,000 after buying an additional 780 shares during the period. Finally, ArrowMark Colorado Holdings LLC raised its holdings in shares of Montrose Environmental Group by 0.3% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 277,430 shares of the company’s stock valued at $7,618,000 after buying an additional 786 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Price Performance

The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.68. The stock has a market cap of $588.12 million, a PE ratio of 325.27, a P/E/G ratio of 1.50 and a beta of 1.83. The company has a fifty day moving average of $23.09 and a 200-day moving average of $24.23.

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, beating the consensus estimate of $0.24 by $0.11. The firm had revenue of $193.27 million for the quarter, compared to the consensus estimate of $186.24 million. Montrose Environmental Group had a return on equity of 5.55% and a net margin of 0.71%.The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.90) EPS. Sell-side analysts expect that Montrose Environmental Group, Inc. will post 0.57 EPS for the current fiscal year.

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.