Cetera Investment Advisers Acquires 69,223 Shares of Bowman Consulting Group Ltd. (NASDAQ:BWMN)

Key Points

• Cetera Investment Advisers increased its stake in Bowman Consulting Group by an astonishing 527.6%, acquiring an additional 69,223 shares, bringing its total ownership to 82,343 shares worth approximately $1.8 million.
• Bowman Consulting Group announced a new $25 million stock buyback plan, allowing the company to repurchase up to 5.4% of its shares, indicating confidence in the stock's value.
• The company's latest earnings report showed a loss of ($0.11) EPS, significantly missing the consensus estimate of $0.10 EPS, along with a rather modest return on equity of 5.65%.

Cetera Investment Advisers boosted its holdings in Bowman Consulting Group Ltd. (NASDAQ:BWMN - Free Report) by 527.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 82,343 shares of the company's stock after acquiring an additional 69,223 shares during the period. Cetera Investment Advisers owned 0.48% of Bowman Consulting Group worth $1,798,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in BWMN. BNP Paribas Financial Markets acquired a new stake in shares of Bowman Consulting Group during the 4th quarter worth $42,000. GAMMA Investing LLC grew its holdings in shares of Bowman Consulting Group by 1,856.3% during the 1st quarter. GAMMA Investing LLC now owns 4,519 shares of the company's stock worth $99,000 after purchasing an additional 4,288 shares in the last quarter. NBC Securities Inc. grew its holdings in shares of Bowman Consulting Group by 100,080.0% during the 1st quarter. NBC Securities Inc. now owns 5,009 shares of the company's stock worth $109,000 after purchasing an additional 5,004 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Bowman Consulting Group by 55.0% during the 4th quarter. Wells Fargo & Company MN now owns 6,524 shares of the company's stock worth $163,000 after purchasing an additional 2,316 shares in the last quarter. Finally, Comerica Bank grew its holdings in shares of Bowman Consulting Group by 12.8% during the 4th quarter. Comerica Bank now owns 10,781 shares of the company's stock worth $269,000 after purchasing an additional 1,220 shares in the last quarter. Institutional investors own 63.20% of the company's stock.

Insider Activity

In other news, insider Robert Alan Hickey sold 5,000 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $26.70, for a total transaction of $133,500.00. Following the completion of the transaction, the insider directly owned 176,685 shares in the company, valued at $4,717,489.50. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 6,024 shares of company stock worth $162,514 in the last ninety days. 17.42% of the stock is owned by company insiders.

Bowman Consulting Group Trading Up 3.6%

Shares of BWMN traded up $1.36 during mid-day trading on Tuesday, reaching $38.82. 256,725 shares of the company were exchanged, compared to its average volume of 103,775. Bowman Consulting Group Ltd. has a 52 week low of $17.90 and a 52 week high of $38.87. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.26 and a current ratio of 1.26. The stock has a market capitalization of $669.63 million, a PE ratio of 64.70, a PEG ratio of 5.22 and a beta of 1.31. The business has a 50 day simple moving average of $30.61 and a two-hundred day simple moving average of $25.66.

Bowman Consulting Group declared that its board has authorized a stock buyback program on Friday, June 6th that allows the company to repurchase $25.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on BWMN. Wall Street Zen raised Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Robert W. Baird raised their price objective on Bowman Consulting Group from $28.00 to $29.00 and gave the company an "outperform" rating in a research note on Thursday, May 8th. Finally, B. Riley lifted their price target on Bowman Consulting Group from $33.00 to $43.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th.

Bowman Consulting Group Profile

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.