Wellington Management Group LLP Raises Position in Bowman Consulting Group Ltd. $BWMN

Key Points

• Wellington Management increased its Bowman Consulting Group position by 215.2% in the second quarter, acquiring 126,136 additional shares and bringing its total ownership to 184,736 shares, or approximately 1.07% of the company.
• Institutional investors own 63.2% of BWMN, while recent analyst sentiment has weakened: seven analysts rate the stock Hold and one rates it Sell, producing a consensus “Reduce” rating with a $43 target price.
• Bowman exceeded quarterly expectations, reporting $0.62 in EPS versus a $0.47 estimate and revenue of $146.13 million versus $129.35 million expected. Shares opened at $42.55, near the consensus target, while the company trades at a high forward valuation.

Wellington Management Group LLP grew its holdings in shares of Bowman Consulting Group Ltd. (NASDAQ:BWMN - Free Report) by 215.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 184,736 shares of the company's stock after acquiring an additional 126,136 shares during the period. Wellington Management Group LLP owned about 1.07% of Bowman Consulting Group worth $5,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BWMN shares. Texas Capital downgraded Bowman Consulting Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Capital One Financial set a $43.00 target price on shares of Bowman Consulting Group in a research note on Tuesday, August 11th. Robert W. Baird set a $43.00 price target on shares of Bowman Consulting Group in a report on Monday, August 10th. B. Riley Financial lowered shares of Bowman Consulting Group from a "buy" rating to a "hold" rating in a research report on Monday, August 10th. Finally, JPMorgan Chase & Co. cut shares of Bowman Consulting Group from a "neutral" rating to an "underweight" rating and increased their price objective for the stock from $40.00 to $43.00 in a research note on Friday, August 21st. Seven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Bowman Consulting Group presently has a consensus rating of "Reduce" and a consensus target price of $43.00.

Insider Buying and Selling at Bowman Consulting Group

In related news, Director Patricia Mulroy sold 883 shares of the firm's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $42.37, for a total transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 17.50% of the company's stock.

Bowman Consulting Group Stock Down 0.0%

Shares of BWMN opened at $42.55 on Thursday. The business's 50 day moving average is $34.15 and its 200 day moving average is $32.07. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.22. Bowman Consulting Group Ltd. has a 12-month low of $25.07 and a 12-month high of $45.83. The company has a market capitalization of $737.82 million, a PE ratio of 106.37 and a beta of 1.44.

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 for the quarter, topping the consensus estimate of $0.47 by $0.15. Bowman Consulting Group had a return on equity of 2.67% and a net margin of 1.30%.The business had revenue of $146.13 million during the quarter, compared to the consensus estimate of $129.35 million. Research analysts expect that Bowman Consulting Group Ltd. will post 0.75 earnings per share for the current fiscal year.

Bowman Consulting Group Profile

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.

Want to see what other hedge funds are holding BWMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bowman Consulting Group Ltd. (NASDAQ:BWMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.