Montrose Environmental Group (NYSE:ONT) Stock Price Down 6.1% – Here’s Why

by · The Markets Daily

Shares of Montrose Environmental Group, Inc. (NYSE:ONT – Get Free Report) fell 6.1% during mid-day trading on Thursday . The company traded as low as $15.96 and last traded at $15.98. 117,213 shares changed hands during trading, a decline of 78% from the average session volume of 540,872 shares. The stock had previously closed at $17.02.

Analyst Ratings Changes

Several research firms have recently commented on ONT. Bank of America cut shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price target on the stock. in a research note on Thursday, August 6th. JPMorgan Chase & Co. reduced their price objective on Montrose Environmental Group from $24.00 to $22.00 and set a “neutral” rating on the stock in a report on Monday, July 13th. Wall Street Zen lowered Montrose Environmental Group from a “hold” rating to a “sell” rating in a research report on Monday, August 3rd. Zacks Research raised Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 2nd. Finally, 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 report on Friday, August 7th. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $19.50.

View Our Latest Report on ONT

Montrose Environmental Group Stock Performance

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 firm has a market capitalization of $579.43 million, a P/E ratio of -50.00, a P/E/G ratio of 1.74 and a beta of 1.65. The stock’s 50 day moving average is $18.08 and its two-hundred day moving average is $19.24.

Montrose Environmental Group (NYSE:ONT – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.43. Montrose Environmental Group had a negative net margin of 1.44% and a positive return on equity of 4.11%. The firm had revenue of $186.66 million for the quarter, compared to analysts’ expectations of $179.69 million. As a group, equities analysts anticipate that Montrose Environmental Group, Inc. will post 0.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ONT. Principal Financial Group Inc. grew its stake in shares of Montrose Environmental Group by 5.2% during the first quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock worth $29,470,000 after purchasing an additional 66,543 shares during the period. Legal & General Group Plc increased its holdings in Montrose Environmental Group by 3.7% in the fourth quarter. Legal & General Group Plc now owns 638,630 shares of the company’s stock valued at $15,857,000 after purchasing an additional 22,711 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Montrose Environmental Group by 36.7% in the fourth quarter. Fisher Asset Management LLC now owns 352,569 shares of the company’s stock valued at $8,754,000 after buying an additional 94,697 shares during the period. OP Asset Management Ltd acquired a new position in Montrose Environmental Group in the first quarter valued at about $3,418,000. Finally, CenterBook Partners LP boosted its holdings in Montrose Environmental Group by 17.6% during the fourth quarter. CenterBook Partners LP now owns 110,820 shares of the company’s stock worth $2,752,000 after buying an additional 16,611 shares during the last quarter. 87.87% of the stock is currently owned by institutional investors.

About Montrose Environmental Group

(Get Free Report)

Montrose Environmental Group, Inc is an environmental services company that helps industrial, commercial, governmental and other organizations address environmental compliance, pollution control and sustainability challenges. Its services support clients throughout the life cycle of environmental projects, from assessment and permitting to monitoring, remediation and long-term management.

The company provides environmental measurement and analysis, air quality and emissions monitoring, environmental consulting, regulatory compliance support, emergency response, site investigation and remediation services.

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