Montrose Environmental Group (NYSE:ONT) Stock Price Up 5.4% – Still a Buy?

Montrose Environmental Group, Inc. (NYSE:ONT) shares were up 5.4% during trading on Tuesday . The company traded as high as $17.04 and last traded at $16.90. 274,259 shares traded hands during mid-day trading, a decline of 48% from the average daily volume of 531,989 shares. The stock had previously closed at $16.04.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Needham & Company LLC decreased their price objective on Montrose Environmental Group from $28.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, August 7th. Barclays restated an “equal weight” rating and set a $15.00 target price (down from $19.00) on shares of Montrose Environmental Group in a research note on Friday, August 7th. Weiss Ratings downgraded shares of Montrose Environmental Group from a “sell (d)” rating to a “sell (e+)” rating in a report on Tuesday, August 11th. Bank of America lowered shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price target for the company. in a research report on Thursday, August 6th. Finally, Wall Street Zen cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average price target of $19.50.

Montrose Environmental Group Stock Up 3.5%

The firm has a market capitalization of $584.75 million, a PE ratio of -50.45, a P/E/G ratio of 1.65 and a beta of 1.66. The company has a debt-to-equity ratio of 0.84, a current ratio of 2.00 and a quick ratio of 2.00. The company has a 50-day moving average price of $19.09 and a 200 day moving average price of $20.47.

Montrose Environmental Group (NYSE:ONT) last released its earnings results on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.43. The firm had revenue of $186.66 million during the quarter, compared to analysts’ expectations of $179.69 million. Montrose Environmental Group had a positive return on equity of 4.11% and a negative net margin of 1.44%. Analysts forecast that Montrose Environmental Group, Inc. will post 0.74 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter Graham acquired 25,140 shares of the business’s stock in a transaction on Friday, June 5th. The stock was acquired at an average cost of $17.19 per share, with a total value of $432,156.60. Following the acquisition, the director directly owned 256,689 shares in the company, valued at $4,412,483.91. This represents a 10.86% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 10.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Montrose Environmental Group

Several hedge funds have recently modified their holdings of the stock. Bamco Inc. NY grew its stake in Montrose Environmental Group by 2.5% during the second quarter. Bamco Inc. NY now owns 2,764,395 shares of the company’s stock valued at $60,513,000 after acquiring an additional 68,713 shares in the last quarter. Vanguard Group Inc. lifted its stake in Montrose Environmental Group by 3.0% in the 4th quarter. Vanguard Group Inc. now owns 1,986,620 shares of the company’s stock worth $49,328,000 after purchasing an additional 57,437 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Montrose Environmental Group by 128.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company’s stock worth $43,030,000 after purchasing an additional 975,770 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Montrose Environmental Group by 14.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,457,574 shares of the company’s stock valued at $36,192,000 after purchasing an additional 179,855 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Montrose Environmental Group by 5.2% during the 1st quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock valued at $29,470,000 after purchasing an additional 66,543 shares during the last quarter. Hedge funds and other 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.