Russell Investments Group Ltd. Purchases 11,006 Shares of Bowman Consulting Group Ltd. $BWMN

Key Points

• Russell Investments Group Ltd. increased its stake in Bowman Consulting Group Ltd. by 9.4%, acquiring an additional 11,006 shares to own a total of 128,671 shares, which is worth approximately $2.8 million.
• Bowman Consulting Group has initiated a $25 million share repurchase program, allowing the company to buy back up to 5.4% of its shares, a sign that management may believe its stock is undervalued.
• Recent analyst reports indicate a positive outlook for Bowman Consulting Group, with upgrades from several firms, including a raise of the target price to $43.00 from B. Riley and a "strong-buy" rating from Zacks Research.

Russell Investments Group Ltd. raised its stake in Bowman Consulting Group Ltd. (NASDAQ:BWMN - Free Report) by 9.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 128,671 shares of the company's stock after buying an additional 11,006 shares during the period. Russell Investments Group Ltd. owned about 0.75% of Bowman Consulting Group worth $2,809,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in BWMN. BNP Paribas Financial Markets bought a new position in shares of Bowman Consulting Group during the 4th quarter valued at $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 valued at $99,000 after purchasing an additional 4,288 shares during 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 valued at $109,000 after purchasing an additional 5,004 shares during the last quarter. Wells Fargo & Company MN boosted its position in Bowman Consulting Group by 55.0% during the 4th quarter. Wells Fargo & Company MN now owns 6,524 shares of the company's stock valued at $163,000 after buying an additional 2,316 shares during the period. Finally, Comerica Bank boosted its position in Bowman Consulting Group by 12.8% during the 4th quarter. Comerica Bank now owns 10,781 shares of the company's stock valued at $269,000 after buying an additional 1,220 shares during the period. Institutional investors own 63.20% of the company's stock.

Bowman Consulting Group Stock Up 0.2%

Shares of NASDAQ:BWMN traded up $0.10 during trading on Friday, reaching $42.53. 72,948 shares of the stock traded hands, compared to its average volume of 109,111. The stock has a 50-day moving average of $34.05 and a two-hundred day moving average of $27.01. Bowman Consulting Group Ltd. has a 52-week low of $17.90 and a 52-week high of $43.21. 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 cap of $733.64 million, a P/E ratio of 70.89, a price-to-earnings-growth ratio of 3.47 and a beta of 1.31.

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 purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Robert Alan Hickey sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $26.70, for a total transaction of $133,500.00. Following the transaction, the insider owned 176,685 shares in the company, valued at $4,717,489.50. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 6,024 shares of company stock worth $162,514 in the last 90 days. 17.42% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on BWMN. Wall Street Zen raised shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 9th. Zacks Research raised shares of Bowman Consulting Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 15th. Robert W. Baird raised their target price on shares of Bowman Consulting Group from $28.00 to $29.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. Finally, B. Riley raised their target price on shares of Bowman Consulting Group from $43.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $38.17.

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.