Montrose Environmental Group (NYSE:ONT) Reaches New 52-Week Low – Here’s Why

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Wall Street Zen lowered Montrose Environmental Group from a “buy” rating to a “hold” rating in a research note on Saturday, January 17th. Zacks Research lowered Montrose Environmental Group from a “hold” rating to a “strong sell” rating in a research note on Monday, May 4th. Finally, Needham & Company LLC lowered their price target on Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. 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, the stock presently has an average rating of “Hold” and a consensus price target of $32.33.

Montrose Environmental Group Stock Performance

The company has a market capitalization of $563.42 million, a P/E ratio of 311.86, a price-to-earnings-growth ratio of 1.07 and a beta of 1.83. The firm has a 50 day moving average price of $22.17 and a two-hundred day moving average price of $23.90. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.84 and a current ratio of 1.84.

Montrose Environmental Group (NYSE:ONT) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $186.24 million. During the same period in the prior year, the company posted ($0.90) EPS. The company’s revenue was up 2.2% compared to the same quarter last year. On average, research analysts expect that Montrose Environmental Group, Inc. will post 0.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, General Counsel Nasym Afsari sold 43,348 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $28.37, for a total value of $1,229,782.76. Following the sale, the general counsel directly owned 204,878 shares in the company, valued at approximately $5,812,388.86. This represents a 17.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Allan Dicks acquired 6,535 shares of the stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the purchase, the chief financial officer owned 218,178 shares in the company, valued at approximately $3,351,214.08. This trade represents a 3.09% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders sold 107,527 shares of company stock worth $2,908,583. Insiders own 10.40% of the company’s stock.

Institutional Investors Weigh In On Montrose Environmental Group

Several large investors have recently modified their holdings of the stock. Nordea Investment Management AB bought a new stake in Montrose Environmental Group during the 4th quarter worth approximately $1,382,000. Lisanti Capital Growth LLC bought a new stake in Montrose Environmental Group during the 3rd quarter worth approximately $2,803,000. Tudor Investment Corp ET AL bought a new stake in Montrose Environmental Group during the 3rd quarter worth approximately $3,979,000. Allspring Global Investments Holdings LLC bought a new stake in Montrose Environmental Group during the 4th quarter worth approximately $10,140,000. Finally, Fisher Asset Management LLC grew its position in Montrose Environmental Group by 18.0% during the 3rd quarter. Fisher Asset Management LLC now owns 257,872 shares of the company’s stock worth $7,081,000 after acquiring an additional 39,331 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

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.