Needham & Company LLC Lowers Montrose Environmental Group (NYSE:ONT) Price Target to $23.00

Montrose Environmental Group (NYSE:ONT) had its target price dropped by stock analysts at Needham & Company LLC from $28.00 to $23.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 32.03% from the stock’s current price.

Several other equities research analysts also recently issued reports on ONT. Bank of America downgraded shares of Montrose Environmental Group from a “neutral” rating to an “underperform” rating and set a $18.00 price objective for the company. in a research report on Thursday. Barclays reissued an “equal weight” rating and issued a $15.00 price target (down from $19.00) on shares of Montrose Environmental Group in a research note on Friday. Zacks Research raised Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, June 2nd. Wall Street Zen cut shares of Montrose Environmental Group from a “hold” rating to a “sell” rating in a research note on Monday. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Montrose Environmental Group in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $19.50.

Montrose Environmental Group Trading Up 15.4%

Shares of Montrose Environmental Group stock traded up $2.33 during trading hours on Friday, hitting $17.42. The company’s stock had a trading volume of 1,180,518 shares, compared to its average volume of 512,920. The stock has a 50 day moving average of $19.11 and a 200 day moving average of $20.84. Montrose Environmental Group has a 12 month low of $12.68 and a 12 month high of $31.22. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.84 and a quick ratio of 1.84. The company has a market capitalization of $629.56 million, a PE ratio of -52.79, a price-to-earnings-growth ratio of 1.66 and a beta of 1.66.

Insider Buying and Selling

In other Montrose Environmental Group news, CFO Allan Dicks purchased 6,535 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $15.36 per share, for a total transaction of $100,377.60. Following the completion of the transaction, the chief financial officer owned 218,178 shares in the company, valued at approximately $3,351,214.08. This represents a 3.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Peter Graham purchased 25,140 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average price of $17.19 per share, with a total value of $432,156.60. Following the completion of the purchase, the director 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 SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 36,535 shares of company stock valued at $610,003. 10.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Hillsdale Investment Management Inc. raised its stake in Montrose Environmental Group by 3,733.3% in the first quarter. Hillsdale Investment Management Inc. now owns 11,500 shares of the company’s stock valued at $252,000 after purchasing an additional 11,200 shares in the last quarter. Principal Financial Group Inc. boosted its position 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 worth $29,470,000 after purchasing an additional 66,543 shares in the last quarter. Fifth Third Bancorp acquired a new stake in shares of Montrose Environmental Group in the 1st quarter valued at about $201,000. Hsbc Holdings PLC boosted its holdings in Montrose Environmental Group by 41.9% in the first quarter. Hsbc Holdings PLC now owns 15,228 shares of the company’s stock worth $328,000 after acquiring an additional 4,493 shares in the last quarter. Finally, Conestoga Capital Advisors LLC grew its stake in Montrose Environmental Group by 16.8% in the first quarter. Conestoga Capital Advisors LLC now owns 83,515 shares of the company’s stock valued at $1,828,000 after acquiring an additional 12,040 shares during the period. 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.