Nuveen LLC Purchases New Holdings in Bowman Consulting Group Ltd. $BWMN

Key Points

• Nuveen LLC purchased a new position in Bowman Consulting Group Ltd. by acquiring 25,929 shares worth approximately $566,000, representing about 0.15% ownership in the company.
• The company has initiated a $25 million stock buyback program, allowing it to buy back up to 5.4% of its shares, indicating the board's belief that the stock is undervalued.
• Wall Street analysts have upgraded Bowman Consulting Group's rating to "strong-buy", with one analyst increasing the price target from $43 to $55.

Nuveen LLC purchased a new position in Bowman Consulting Group Ltd. (NASDAQ:BWMN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 25,929 shares of the company's stock, valued at approximately $566,000. Nuveen LLC owned about 0.15% of Bowman Consulting Group at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Summit Creek Advisors LLC increased its holdings in shares of Bowman Consulting Group by 9.3% in the 1st quarter. Summit Creek Advisors LLC now owns 408,042 shares of the company's stock worth $8,908,000 after buying an additional 34,599 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Bowman Consulting Group by 527.6% during the 1st quarter. Cetera Investment Advisers now owns 82,343 shares of the company's stock valued at $1,798,000 after purchasing an additional 69,223 shares during the last quarter. Brookwood Investment Group LLC bought a new position in shares of Bowman Consulting Group during the 1st quarter valued at $866,000. Kornitzer Capital Management Inc. KS grew its holdings in shares of Bowman Consulting Group by 13.4% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 68,500 shares of the company's stock valued at $1,495,000 after purchasing an additional 8,100 shares during the last quarter. Finally, Conestoga Capital Advisors LLC grew its holdings in shares of Bowman Consulting Group by 20.8% during the 1st quarter. Conestoga Capital Advisors LLC now owns 56,630 shares of the company's stock valued at $1,236,000 after purchasing an additional 9,760 shares during the last quarter. Institutional investors own 63.20% of the company's stock.

Insider Activity at Bowman Consulting Group

In other news, insider Robert Alan Hickey sold 5,000 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $26.70, for a total value of $133,500.00. Following the completion of the sale, the insider directly owned 176,685 shares of the company's stock, valued at approximately $4,717,489.50. This trade represents a 2.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 5,800 shares of company stock valued at $156,108. Company insiders own 17.42% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on BWMN. B. Riley increased their target price on shares of Bowman Consulting Group from $43.00 to $55.00 and gave the company a "buy" rating in a report on Friday, August 29th. Wall Street Zen raised shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. Finally, Zacks Research raised shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $38.17.

Bowman Consulting Group Trading Down 1.6%

Shares of NASDAQ:BWMN traded down $0.68 on Tuesday, hitting $40.69. The company had a trading volume of 35,578 shares, compared to its average volume of 109,049. The firm's 50-day simple moving average is $35.95 and its two-hundred day simple moving average is $28.04. Bowman Consulting Group Ltd. has a 1 year low of $17.90 and a 1 year high of $43.21. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $701.82 million, a price-to-earnings ratio of 67.81 and a beta of 1.33.

Bowman Consulting Group declared that its Board of Directors has initiated a share repurchase plan on Friday, June 6th that allows the company to buyback $25.00 million in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

About Bowman Consulting Group

Bowman Consulting Group Ltd. provides a range of real estate, energy, infrastructure, and environmental management solutions in the United States. It offers civil and site engineering services, such as conceptual land planning, environmental consulting and permitting, planning/zoning and entitlements, roadway and highway designs, erosion and sediment designs, stormwater management designs, construction administration, traffic studies, floodplain studies, and utility relocation designs; and commissioning and energy efficiency services comprise construction observation, direct systems functional performance testing, system development readiness checklist, post occupancy review, review of construction documents, deferred/seasonal functional testing, final commissioning report, and commissioning review of submittals.