BlackRock Inc. Makes New Investment in Bowman Consulting Group Ltd. $BWMN

Key Points

• BlackRock acquired 1.07 million shares of Bowman Consulting Group in the second quarter, worth approximately $31.1 million and representing a 6.09% stake. Institutional investors collectively own 63.20% of the company.
• Analyst sentiment is cautious: seven analysts rate the stock Hold and one rates it Sell, producing an average rating of “Reduce” and a consensus price target of $43.00.
• Bowman exceeded quarterly expectations, reporting EPS of $0.62 versus $0.47 expected and revenue of $146.13 million versus $129.35 million forecast. The stock opened at $42.60, with a market capitalization of approximately $738.7 million.

BlackRock Inc. bought a new position in Bowman Consulting Group Ltd. (NASDAQ:BWMN - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,065,510 shares of the company's stock, valued at approximately $31,113,000. BlackRock Inc. owned 6.09% of Bowman Consulting Group 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. Vanguard Group Inc. increased its stake in shares of Bowman Consulting Group by 1.7% during the third quarter. Vanguard Group Inc. now owns 802,969 shares of the company's stock valued at $34,014,000 after buying an additional 13,366 shares during the period. Alliancebernstein L.P. lifted its stake in Bowman Consulting Group by 3,560.2% in the third quarter. Alliancebernstein L.P. now owns 524,867 shares of the company's stock worth $22,233,000 after acquiring an additional 510,527 shares during the period. Summit Creek Advisors LLC lifted its stake in Bowman Consulting Group by 10.1% in the fourth quarter. Summit Creek Advisors LLC now owns 399,094 shares of the company's stock worth $13,178,000 after acquiring an additional 36,645 shares during the period. Dimensional Fund Advisors LP grew its holdings in Bowman Consulting Group by 13.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 377,799 shares of the company's stock worth $10,744,000 after acquiring an additional 43,624 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its holdings in Bowman Consulting Group by 12.3% during the 1st quarter. Polar Asset Management Partners Inc. now owns 320,000 shares of the company's stock worth $9,101,000 after acquiring an additional 34,976 shares in the last quarter. Institutional investors own 63.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. lowered shares of Bowman Consulting Group from a "neutral" rating to an "underweight" rating and boosted their price target for the company from $40.00 to $43.00 in a report on Friday, August 21st. Texas Capital downgraded shares of Bowman Consulting Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Robert W. Baird set a $43.00 price objective on shares of Bowman Consulting Group in a report on Monday, August 10th. Wolfe Research set a $43.00 price objective on shares of Bowman Consulting Group in a research note on Tuesday, August 11th. Finally, Roth Capital lowered shares of Bowman Consulting Group from a "buy" rating to a "neutral" rating and set a $43.00 price target for the company. in a research report on Wednesday, August 12th. Seven equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Bowman Consulting Group has an average rating of "Reduce" and an average target price of $43.00.

Insider Activity

In other news, Director Patricia Mulroy sold 883 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was 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 in the company, valued at $1,115,602.10. This trade represents a 3.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.50% of the stock is currently owned by insiders.

Bowman Consulting Group Stock Up 0.0%

BWMN stock opened at $42.60 on Wednesday. The stock has a market capitalization of $738.68 million, a PE ratio of 106.50 and a beta of 1.43. 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 firm has a 50 day moving average of $32.56 and a 200 day moving average of $31.68.

Bowman Consulting Group (NASDAQ:BWMN - Get Free Report) last posted its quarterly earnings results 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 analysts' expectations of $129.35 million. Bowman Consulting Group had a net margin of 1.30% and a return on equity of 2.67%. Sell-side analysts forecast that Bowman Consulting Group Ltd. will post 0.75 earnings per share for the current year.

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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