1,684,971 Shares of TIC Solutions, Inc $TIC Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 1.68 million shares of TIC Solutions during the second quarter, valued at approximately $13.6 million and representing about 0.77% of the company.
• Analyst sentiment is mixed but improving: TIC Solutions has an average “Hold” rating and a consensus price target of $12.00, with recent upgrades from JPMorgan and UBS.
• TIC reported quarterly earnings of $0.14 per share, beating estimates of $0.10, on revenue of $584.35 million. The stock recently opened at $8.91, well below its 52-week high of $14.94.

Bank of America Corp DE acquired a new stake in shares of TIC Solutions, Inc (NYSE:TIC - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,684,971 shares of the company's stock, valued at approximately $13,631,000. Bank of America Corp DE owned approximately 0.77% of TIC Solutions at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quantbot Technologies LP bought a new stake in shares of TIC Solutions in the 2nd quarter worth about $29,000. Principal Financial Group Inc. bought a new position in shares of TIC Solutions in the first quarter valued at approximately $69,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of TIC Solutions by 10.1% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 12,688 shares of the company's stock worth $83,000 after acquiring an additional 1,165 shares in the last quarter. Pallas Capital Advisors LLC bought a new stake in TIC Solutions during the 2nd quarter worth approximately $112,000. Finally, Resonant Capital Advisors LLC bought a new stake in TIC Solutions during the 1st quarter worth approximately $118,000.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Robert W. Baird set a $10.00 price objective on shares of TIC Solutions in a report on Friday, August 7th. JPMorgan Chase & Co. upgraded shares of TIC Solutions from an "underweight" rating to a "neutral" rating and upped their target price for the stock from $9.00 to $11.00 in a research report on Friday, August 21st. UBS Group raised shares of TIC Solutions from a "neutral" rating to a "buy" rating and increased their price target for the company from $11.00 to $12.50 in a research note on Tuesday, August 11th. Weiss Ratings restated a "sell (d-)" rating on shares of TIC Solutions in a research report on Friday, September 4th. Finally, Zacks Research raised TIC Solutions from a "strong sell" rating to a "hold" rating in a research note on Wednesday, July 15th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $12.00.

TIC Solutions Stock Performance

TIC stock opened at $8.91 on Friday. TIC Solutions, Inc has a 1-year low of $6.36 and a 1-year high of $14.94. The company has a current ratio of 2.91, a quick ratio of 2.91 and a debt-to-equity ratio of 0.76. The firm has a market cap of $1.95 billion, a PE ratio of -15.37 and a beta of 2.96. The business's 50-day moving average price is $8.90 and its two-hundred day moving average price is $8.40.

TIC Solutions (NYSE:TIC - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.04. TIC Solutions had a negative return on equity of 2.30% and a negative net margin of 5.64%.The business had revenue of $584.35 million for the quarter. As a group, research analysts forecast that TIC Solutions, Inc will post 0.29 earnings per share for the current year.

TIC Solutions Profile

Acuren Corporation provides critical asset integrity services in North America. Its activities include various nondestructive testing (NDT) solutions, such as radiography, ultrasonic testing, magnetic particle inspection, penetrant testing, and visual inspection. Its NDT activities include inspection and evaluation of industrial equipment through various technology-enabled methods to ensure asset integrity, avoid accidents, and comply with regulatory requirements without destroying the asset or component.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.