Montrose Environmental Group (NYSE:ONT) Shares Gap Up Following Insider Buying Activity

Montrose Environmental Group, Inc. (NYSE:ONT)’s share price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $16.69, but opened at $17.52. Montrose Environmental Group shares last traded at $17.18, with a volume of 45,444 shares traded.

Specifically, Director Peter Graham acquired 25,140 shares of Montrose Environmental Group stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the transaction, the director directly owned 256,689 shares of the company’s stock, valued at $4,412,483.91. This trade represents a 10.86% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter Graham bought 4,860 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was bought at an average cost of $15.94 per share, for a total transaction of $77,468.40. Following the completion of the transaction, the director directly owned 231,549 shares of the company’s stock, valued at $3,690,891.06. This trade represents a 2.14% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ONT shares. Barclays lowered their price target on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating for the company in a research report on Monday, May 18th. Needham & Company LLC cut their price objective on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Zacks Research raised shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Montrose Environmental Group in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $26.67.

Montrose Environmental Group Trading Up 3.0%

The business’s 50 day moving average price is $19.05 and its two-hundred day moving average price is $22.69. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.84 and a current ratio of 1.84. The company has a market capitalization of $621.25 million, a price-to-earnings ratio of 343.87, a price-to-earnings-growth ratio of 1.28 and a beta of 1.73.

Hedge Funds Weigh In On Montrose Environmental Group

Hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. raised its stake in shares of Montrose Environmental Group by 3,407.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,282,769 shares of the company’s stock worth $28,080,000 after buying an additional 1,246,199 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Montrose Environmental Group by 128.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,733,003 shares of the company’s stock valued at $43,030,000 after buying an additional 975,770 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Montrose Environmental Group during the fourth quarter worth about $10,140,000. Marshall Wace LLP raised its position in Montrose Environmental Group by 245.0% in the second quarter. Marshall Wace LLP now owns 383,661 shares of the company’s stock worth $8,398,000 after acquiring an additional 272,444 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Montrose Environmental Group by 14.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,457,574 shares of the company’s stock worth $36,192,000 after acquiring an additional 179,855 shares in the last quarter. 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.