Montrose Environmental Group (NYSE:ONT) Sets New 1-Year Low – Here’s What Happened

Montrose Environmental Group, Inc. (NYSE:ONT)’s stock price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $15.01 and last traded at $15.59, with a volume of 885860 shares traded. The stock had previously closed at $15.60.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ONT shares. Zacks Research cut Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a report on Monday, May 4th. Needham & Company LLC reduced their price objective on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 8th. Finally, Wall Street Zen downgraded shares of Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Two analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Montrose Environmental Group has a consensus rating of “Hold” and a consensus price target of $32.33.

Montrose Environmental Group Trading Down 0.1%

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 business’s 50-day moving average price is $21.66 and its two-hundred day moving average price is $23.74. The company has a market capitalization of $548.61 million, a price-to-earnings ratio of 303.66, a P/E/G ratio of 1.41 and a beta of 1.83.

Montrose Environmental Group (NYSE:ONT) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.11. Montrose Environmental Group had a net margin of 0.71% and a return on equity of 5.61%. The company had revenue of $193.27 million during the quarter, compared to the consensus estimate of $186.24 million. During the same period in the previous year, the business earned ($0.90) earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Research analysts predict that Montrose Environmental Group, Inc. will post 0.57 earnings per share for the current year.

Insider Buying and Selling

In other news, Director J Thomas Presby sold 10,000 shares of Montrose Environmental Group stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $28.87, for a total value of $288,700.00. Following the completion of the sale, the director directly owned 62,614 shares in the company, valued at approximately $1,807,666.18. The trade was a 13.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vijay Manthripragada sold 46,121 shares of Montrose Environmental Group stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $25.41, for a total transaction of $1,171,934.61. Following the completion of the sale, the chief executive officer owned 236,788 shares of the company’s stock, valued at approximately $6,016,783.08. The trade was a 16.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 107,527 shares of company stock valued at $2,908,583 in the last quarter. Corporate insiders own 10.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ONT. Advisory Services Network LLC acquired a new position in Montrose Environmental Group during the third quarter valued at approximately $32,000. Canada Pension Plan Investment Board raised its position 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 valued at $42,000 after purchasing an additional 1,600 shares in the last quarter. Tower Research Capital LLC TRC raised its position 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 valued at $68,000 after purchasing an additional 1,508 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. acquired a new position in Montrose Environmental Group during the fourth quarter valued at approximately $75,000. Finally, Assetmark Inc. acquired a new position in Montrose Environmental Group during the fourth quarter valued at approximately $84,000. 87.87% of the stock is currently owned by institutional investors and hedge funds.

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.