Bank of America Corp DE Has $4.44 Million Stock Position in Bowman Consulting Group Ltd. $BWMN

Key Points

• Bank of America cut its Bowman Consulting Group stake by 61.6% in the first quarter, selling 250,825 shares and retaining 156,232 shares worth approximately $4.44 million, or 0.89% of the company.
• Bowman reported quarterly EPS of $0.62, beating estimates of $0.47, while revenue of $146.13 million exceeded the $129.35 million consensus forecast.
• Despite several institutional investors increasing their holdings, analysts remain cautious: seven rate the stock Hold and one Sell, producing a consensus “Reduce” rating and a $43 price target versus the reported $42.58 share price.

Bank of America Corp DE lowered its position in shares of Bowman Consulting Group Ltd. (NASDAQ:BWMN - Free Report) by 61.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 156,232 shares of the company's stock after selling 250,825 shares during the period. Bank of America Corp DE owned 0.89% of Bowman Consulting Group worth $4,443,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in BWMN. Royal Bank of Canada raised its position in shares of Bowman Consulting Group by 51.0% in the 1st quarter. Royal Bank of Canada now owns 48,613 shares of the company's stock valued at $1,061,000 after buying an additional 16,421 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Bowman Consulting Group by 4.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 50,176 shares of the company's stock worth $1,095,000 after acquiring an additional 2,203 shares during the period. Jane Street Group LLC acquired a new stake in shares of Bowman Consulting Group during the 1st quarter worth approximately $287,000. JPMorgan Chase & Co. boosted its position in shares of Bowman Consulting Group by 40.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 9,128 shares of the company's stock worth $262,000 after acquiring an additional 2,608 shares in the last quarter. Finally, Rhumbline Advisers increased its stake in Bowman Consulting Group by 8.2% in the second quarter. Rhumbline Advisers now owns 20,369 shares of the company's stock valued at $586,000 after acquiring an additional 1,540 shares during the last quarter. 63.20% of the stock is owned by institutional investors and hedge funds.

Bowman Consulting Group Stock Performance

Shares of Bowman Consulting Group stock opened at $42.58 on Friday. Bowman Consulting Group Ltd. has a 52 week low of $25.07 and a 52 week high of $45.83. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.22. The business has a 50 day moving average price of $32.04 and a 200-day moving average price of $31.61. The company has a market cap of $738.34 million, a PE ratio of 106.45 and a beta of 1.36.

Bowman Consulting Group (NASDAQ:BWMN - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.15. The business had revenue of $146.13 million during the quarter, compared to the consensus estimate of $129.35 million. Bowman Consulting Group had a net margin of 1.30% and a return on equity of 2.67%. Equities analysts anticipate that Bowman Consulting Group Ltd. will post 0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Patricia Mulroy sold 883 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $42.37, for a total value of $37,412.71. Following the completion of the transaction, the director directly owned 26,330 shares of the company's stock, valued at approximately $1,115,602.10. This trade represents a 3.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BWMN shares. Wall Street Zen upgraded Bowman Consulting Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Texas Capital cut Bowman Consulting Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. B. Riley Financial downgraded Bowman Consulting Group from a "buy" rating to a "hold" rating in a research note on Monday, August 10th. Weiss Ratings raised shares of Bowman Consulting Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday. Finally, Craig Hallum downgraded shares of Bowman Consulting Group from a "buy" rating to a "hold" rating and set a $43.00 price target on the stock. in a research note on Tuesday, August 11th. Seven investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Reduce" and a consensus price target of $43.00.

About Bowman Consulting Group

Bowman Consulting Group Ltd. NASDAQ: BWMN is a multidisciplinary professional services firm that provides engineering, environmental, planning and surveying services to public and private sector clients. Its service offerings encompass civil, geotechnical and environmental engineering; land development planning and permitting; construction management; survey and geospatial services; and ecological and water resources consulting. The firm supports infrastructure, real estate, energy, utilities and telecommunications projects, delivering site characterization, design, permitting and construction-phase oversight.

Since its founding in 1980, Bowman Consulting Group has grown organically and through strategic acquisitions to expand its technical capabilities and geographic footprint.

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