ICF International (NASDAQ:ICFI) Shares Gap Up After Earnings Beat

Key Points

• ICF International's shares surged after the company reported earnings of $1.66 per share, exceeding analyst expectations of $1.63, despite a revenue decline of 7.2% compared to the previous year.
• Several analysts have issued mixed ratings, with Barrington Research maintaining an "outperform" rating and a $102.00 target price, while others, like Canaccord Genuity, downgraded their ratings.
• Insider activity showed positive sentiment as directors purchased shares, indicating confidence in the company's future performance amid recent volatility in stock prices.

Shares of ICF International, Inc. (NASDAQ:ICFI - Get Free Report) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $83.89, but opened at $89.99. ICF International shares last traded at $90.10, with a volume of 28,836 shares traded.

The business services provider reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.03. ICF International had a net margin of 5.45% and a return on equity of 14.59%. The firm had revenue of $476.16 million during the quarter, compared to the consensus estimate of $482.84 million. During the same quarter in the previous year, the firm posted $1.69 earnings per share. The company's revenue was down 7.2% on a year-over-year basis.

ICF International Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Friday, September 5th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.56 dividend on an annualized basis and a yield of 0.6%. ICF International's dividend payout ratio (DPR) is presently 9.74%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Barrington Research reaffirmed an "outperform" rating and set a $102.00 price objective on shares of ICF International in a research report on Wednesday, June 11th. Canaccord Genuity Group reduced their price objective on ICF International from $100.00 to $90.00 and set a "hold" rating for the company in a research note on Thursday, May 8th. Truist Financial reduced their price target on ICF International from $97.00 to $85.00 and set a "hold" rating for the company in a research report on Monday, April 14th. Finally, Wall Street Zen lowered ICF International from a "buy" rating to a "hold" rating in a report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $127.20.

Insiders Place Their Bets

In related news, Director Scott B. Salmirs acquired 1,250 shares of the stock in a transaction on Friday, June 6th. The shares were bought at an average price of $83.98 per share, with a total value of $104,975.00. Following the completion of the purchase, the director owned 7,653 shares of the company's stock, valued at approximately $642,698.94. This represents a 19.52% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Randall Mehl acquired 2,000 shares of the stock in a transaction on Monday, June 9th. The shares were bought at an average cost of $84.40 per share, for a total transaction of $168,800.00. Following the purchase, the director directly owned 17,754 shares of the company's stock, valued at $1,498,437.60. The trade was a 12.70% increase in their position. The disclosure for this purchase can be found here. Insiders own 1.39% of the company's stock.

Institutional Investors Weigh In On ICF International

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC raised its position in ICF International by 1,156.9% in the first quarter. SG Americas Securities LLC now owns 13,864 shares of the business services provider's stock valued at $1,178,000 after purchasing an additional 12,761 shares during the period. GAMMA Investing LLC raised its position in ICF International by 23,974.1% in the first quarter. GAMMA Investing LLC now owns 13,000 shares of the business services provider's stock valued at $11,050,000 after purchasing an additional 12,946 shares during the period. Jump Financial LLC raised its position in ICF International by 107.1% in the fourth quarter. Jump Financial LLC now owns 18,843 shares of the business services provider's stock valued at $2,246,000 after purchasing an additional 9,743 shares during the period. Tributary Capital Management LLC raised its position in ICF International by 5.1% in the first quarter. Tributary Capital Management LLC now owns 222,711 shares of the business services provider's stock valued at $18,924,000 after purchasing an additional 10,848 shares during the period. Finally, Geode Capital Management LLC raised its position in ICF International by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 442,995 shares of the business services provider's stock valued at $52,822,000 after purchasing an additional 2,010 shares during the period. Hedge funds and other institutional investors own 94.12% of the company's stock.

ICF International Price Performance

The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.53. The stock has a market cap of $1.66 billion, a PE ratio of 15.72 and a beta of 0.49. The company has a fifty day moving average of $85.58 and a 200-day moving average of $90.91.

About ICF International

ICF International, Inc provides management, technology, and policy consulting and implementation services to government and commercial clients in the United States and internationally. The company researches critical policy, industry, stakeholder issues, trends, and behaviors; measures and evaluates results and their impact; and provides strategic planning and advisory services to its clients on how to navigate societal, business, market, business, communication, and technology challenges.