Montrose Environmental Group (NYSE:ONT) Trading Up 7.9% – Time to Buy?

Montrose Environmental Group, Inc. (NYSE:ONT) shares were up 7.9% on Tuesday . The stock traded as high as $17.42 and last traded at $17.18. Approximately 252,711 shares were traded during trading, a decline of 34% from the average daily volume of 380,240 shares. The stock had previously closed at $15.92.

Analysts Set New Price Targets

ONT has been the subject of a number of research 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 note on Friday. Wall Street Zen lowered Montrose Environmental Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 17th. Finally, Zacks Research downgraded Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $32.33.

Montrose Environmental Group Trading Up 3.3%

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 stock has a market capitalization of $594.14 million, a price-to-earnings ratio of 328.87, a PEG ratio of 1.50 and a beta of 1.83. The firm has a 50-day moving average of $22.70 and a 200 day moving average of $24.07.

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

Insider Activity at Montrose Environmental Group

In other Montrose Environmental Group news, General Counsel Nasym Afsari sold 43,348 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $28.37, for a total transaction of $1,229,782.76. Following the completion of the transaction, the general counsel directly owned 204,878 shares of the company’s stock, valued at approximately $5,812,388.86. This trade represents a 17.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director J Thomas Presby sold 10,000 shares of Montrose Environmental Group stock in a transaction 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 transaction, the director owned 62,614 shares in the company, valued at approximately $1,807,666.18. This trade represents a 13.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 107,527 shares of company stock worth $2,908,583. 10.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in 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 acquiring an additional 780 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Montrose Environmental Group by 39.6% in the 1st 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 last quarter. Rhumbline Advisers grew its stake in shares of Montrose Environmental Group by 27.9% in the 2nd quarter. Rhumbline Advisers now owns 57,667 shares of the company’s stock worth $1,262,000 after purchasing an additional 12,566 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Montrose Environmental Group by 13.1% in the 2nd quarter. Invesco Ltd. now owns 152,085 shares of the company’s stock worth $3,329,000 after purchasing an additional 17,601 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Montrose Environmental Group by 245.0% during the 2nd quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock valued at $8,398,000 after acquiring an additional 272,444 shares during the last quarter. 87.87% of the stock is owned by institutional investors and hedge funds.

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.