Montrose Environmental Group (NYSE:ONT) Shares Down 5.9% Following Analyst Downgrade

Shares of Montrose Environmental Group, Inc. (NYSE:ONT) were down 5.9% on Monday after Barclays downgraded the stock from an overweight rating to an equal weight rating. Barclays now has a $15.00 price target on the stock. Montrose Environmental Group traded as low as $15.31 and last traded at $15.54. Approximately 153,465 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 521,914 shares. The stock had previously closed at $16.51.

ONT has been the subject of a number of other research reports. JPMorgan Chase & Co. dropped their price target on 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. Needham & Company LLC reduced their price objective on shares of Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday. Zacks Research upgraded shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Wall Street Zen cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Finally, Bank of America lowered shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 target price on the stock. in a research note on Thursday. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $19.50.

Insider Activity at Montrose Environmental Group

In other news, Director Peter Graham bought 25,140 shares of the stock in a transaction dated Friday, June 5th. The stock was bought at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the purchase, the director directly owned 256,689 shares in the company, valued at $4,412,483.91. This trade represents a 10.86% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Institutional investors have recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new stake in shares of Montrose Environmental Group in the 3rd quarter worth about $32,000. Canada Pension Plan Investment Board lifted its position in Montrose Environmental Group by 533.3% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,900 shares of the company’s stock valued at $42,000 after acquiring an additional 1,600 shares during the period. Tower Research Capital LLC TRC lifted its position in Montrose Environmental Group by 95.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,085 shares of the company’s stock valued at $68,000 after acquiring an additional 1,508 shares during the period. Dixon Mitchell Investment Counsel Inc. bought a new stake in Montrose Environmental Group during the fourth quarter worth about $75,000. Finally, Assetmark Inc. bought a new stake in Montrose Environmental Group during the fourth quarter worth about $84,000. Institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Trading Down 5.9%

The firm has a market cap of $561.62 million, a PE ratio of -47.09, a PEG ratio of 1.73 and a beta of 1.66. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.84. The stock’s fifty day simple moving average is $19.13 and its two-hundred day simple moving average is $20.81.

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.