Montrose Environmental Group (NYSE:ONT) Shares Down 4.3% – Here’s Why

Shares of Montrose Environmental Group, Inc. (NYSE:ONT) traded down 4.3% on Tuesday . The company traded as low as $18.83 and last traded at $18.95. 89,376 shares changed hands during trading, a decline of 82% from the average session volume of 491,023 shares. The stock had previously closed at $19.81.

Analyst Ratings Changes

A number of equities research analysts recently commented on ONT shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Montrose Environmental Group in a research note on Friday, May 29th. Wall Street Zen cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research report on Saturday, July 18th. Needham & Company LLC decreased their price target on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Barclays lowered their target price 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. Finally, JPMorgan Chase & Co. cut their price target on shares of Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating for the company in a research note on Monday, July 13th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Montrose Environmental Group presently has a consensus rating of “Hold” and a consensus target price of $23.00.

Montrose Environmental Group Stock Up 2.3%

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.84. The firm has a market cap of $717.74 million, a price-to-earnings ratio of 397.28, a P/E/G ratio of 1.42 and a beta of 1.67. The stock has a 50-day moving average of $18.08 and a 200-day moving average of $21.20.

Insider Activity at Montrose Environmental Group

In other Montrose Environmental Group news, Director Peter Graham bought 25,140 shares of Montrose Environmental Group stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $17.19 per share, with a total value of $432,156.60. Following the acquisition, the director owned 256,689 shares in the company, valued at $4,412,483.91. This trade represents a 10.86% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Allan Dicks bought 6,535 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer owned 218,178 shares of the company’s stock, valued at approximately $3,351,214.08. The trade was a 3.09% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have acquired 36,535 shares of company stock valued at $610,003. Company insiders own 10.40% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Several institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 last quarter. Goldman Sachs Group Inc. grew its holdings in Montrose Environmental Group by 39.6% in the first 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 during the period. Rhumbline Advisers increased its position in Montrose Environmental Group by 27.9% in the 2nd quarter. Rhumbline Advisers now owns 57,667 shares of the company’s stock valued at $1,262,000 after buying an additional 12,566 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Montrose Environmental Group by 13.1% during the second quarter. Invesco Ltd. now owns 152,085 shares of the company’s stock valued at $3,329,000 after acquiring an additional 17,601 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Montrose Environmental Group by 245.0% in the second 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. Institutional investors own 87.87% of the company’s stock.

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.