Fred Alger Management LLC Lowers Stake in Montrose Environmental Group, Inc. $ONT

Fred Alger Management LLC decreased its position in Montrose Environmental Group, Inc. (NYSE:ONT) by 7.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,068,555 shares of the company’s stock after selling 81,141 shares during the period. Fred Alger Management LLC owned about 3.02% of Montrose Environmental Group worth $26,532,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB purchased a new stake in shares of Montrose Environmental Group in the fourth quarter valued at about $1,382,000. Tudor Investment Corp ET AL purchased a new stake in shares of Montrose Environmental Group in the third quarter valued at about $3,979,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Montrose Environmental Group in the fourth quarter valued at about $10,140,000. Fisher Asset Management LLC boosted its holdings in shares of Montrose Environmental Group by 18.0% in the third quarter. Fisher Asset Management LLC now owns 257,872 shares of the company’s stock valued at $7,081,000 after acquiring an additional 39,331 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of Montrose Environmental Group by 160.6% in the third quarter. GSA Capital Partners LLP now owns 66,732 shares of the company’s stock valued at $1,832,000 after acquiring an additional 41,125 shares in the last quarter. Hedge funds and other institutional investors own 87.87% of the company’s stock.

Montrose Environmental Group Stock Up 2.0%

ONT stock opened at $16.94 on Wednesday. The company has a market cap of $612.21 million, a P/E ratio of 338.87, a P/E/G ratio of 1.24 and a beta of 1.72. Montrose Environmental Group, Inc. has a 52 week low of $14.13 and a 52 week high of $32.00. The company’s 50-day moving average price is $18.45 and its 200 day moving average price is $22.34. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.76.

Analysts Set New Price Targets

Several analysts have recently weighed in on ONT shares. Needham & Company LLC lowered their target price on shares of Montrose Environmental Group from $35.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Zacks Research raised shares of Montrose Environmental Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Montrose Environmental Group in a report on Friday, May 29th. Finally, Barclays lowered their target price on shares of Montrose Environmental Group from $40.00 to $19.00 and set an “overweight” rating on the stock in a report on Monday, May 18th. Two 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. According to MarketBeat, Montrose Environmental Group currently has a consensus rating of “Hold” and a consensus price target of $26.67.

Insider Transactions at Montrose Environmental Group

In other Montrose Environmental Group news, Director Peter Graham bought 25,140 shares of the business’s stock in a transaction on Friday, June 5th. The stock was bought at an average price of $17.19 per share, for a total transaction of $432,156.60. Following the completion of the transaction, the director owned 256,689 shares in the company, valued at approximately $4,412,483.91. The trade was a 10.86% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Allan Dicks bought 6,535 shares of the business’s stock in a transaction on Monday, May 11th. The shares were acquired at an average price of $15.36 per share, with a total value of $100,377.60. Following the transaction, the chief financial officer owned 218,178 shares of the company’s stock, valued at $3,351,214.08. The trade was a 3.09% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have acquired 36,535 shares of company stock valued at $610,003. 10.40% of the stock is currently owned by company insiders.

Montrose Environmental Group 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.