Montrose Environmental Group (NYSE:ONT) Upgraded by Zacks Research to Hold Rating

Montrose Environmental Group (NYSE:ONT) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms also recently weighed in on ONT. Barclays reduced 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. Weiss Ratings restated a “sell (d)” rating on shares of Montrose Environmental Group in a research report on Friday, May 29th. Finally, Needham & Company LLC reduced their price target on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $26.67.

Montrose Environmental Group Trading Up 5.2%

ONT stock opened at $16.53 on Tuesday. The company’s 50-day simple moving average is $19.38 and its 200-day simple moving average is $22.84. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.76. Montrose Environmental Group has a 52-week low of $14.13 and a 52-week high of $32.00. The firm has a market cap of $597.39 million, a P/E ratio of 330.67, a PEG ratio of 1.17 and a beta of 1.72.

Insider Activity

In other news, insider Jose Revuelta sold 7,858 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $27.00, for a total value of $212,166.00. Following the completion of the sale, the insider owned 269,282 shares of the company’s stock, valued at $7,270,614. This represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Allan Dicks purchased 6,535 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was purchased at an average cost of $15.36 per share, with a total value of $100,377.60. Following 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 ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 10.40% of the company’s stock.

Institutional Trading of Montrose Environmental Group

Several hedge funds have recently made changes to their positions in the company. Hillsdale Investment Management Inc. grew its stake in shares of Montrose Environmental Group by 3,733.3% in the 1st quarter. Hillsdale Investment Management Inc. now owns 11,500 shares of the company’s stock valued at $252,000 after buying an additional 11,200 shares during the period. Principal Financial Group Inc. grew its stake in shares of Montrose Environmental Group by 5.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,346,257 shares of the company’s stock valued at $29,470,000 after buying an additional 66,543 shares during the period. Fifth Third Bancorp purchased a new position in shares of Montrose Environmental Group during the 1st quarter worth approximately $201,000. Hsbc Holdings PLC boosted its position in shares of Montrose Environmental Group by 41.9% during the 1st quarter. Hsbc Holdings PLC now owns 15,228 shares of the company’s stock worth $328,000 after purchasing an additional 4,493 shares during the period. Finally, Conestoga Capital Advisors LLC boosted its position in shares of Montrose Environmental Group by 16.8% during the 1st quarter. Conestoga Capital Advisors LLC now owns 83,515 shares of the company’s stock worth $1,828,000 after purchasing an additional 12,040 shares during the period. Hedge funds and other institutional investors own 87.87% of the company’s stock.

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.