Neuberger Berman Group LLC has reduced its stake in Exponent, Inc. (NASDAQ: EXPO) by 13.2% during the second quarter of 2023, as reported in its latest 13F filing with the Securities and Exchange Commission. The firm now holds 1,606,437 shares of the business services provider after selling 244,659 shares during the period. As of the most recent filing, Neuberger Berman’s holdings in Exponent are valued at approximately $120.02 million.
Several other institutional investors have also altered their positions in Exponent. Notably, Brooklyn Investment Group significantly increased its stake by an astonishing 10,200% in the first quarter, acquiring a total of 309 shares, valued at $25,000. Additionally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. entered a new position in Exponent valued around $34,000 during the second quarter.
Bessemer Group Inc. raised its stake by 21.7% in the same quarter, now owning 829 shares valued at $62,000. SVB Wealth LLC and Hilltop National Bank also made new investments of approximately $80,000 and $167,000, respectively. Overall, hedge funds and institutional investors control 92.37% of Exponent’s stock.
Analysts’ Ratings and Stock Performance
Recent evaluations from analysts provide a mixed outlook on Exponent’s stock. Weiss Ratings maintained a “hold” rating, while William Blair upgraded the stock from “market perform” to “outperform.” Currently, one analyst has issued a Buy rating, and another has rated it as Hold, leading to a consensus rating of “Moderate Buy” based on data from MarketBeat.com.
As of the morning trading session on October 30, 2023, shares of Exponent opened at $73.63, with a 1-year low of $63.81 and a high of $97.57. The company has a market capitalization of $3.67 billion, a price-to-earnings ratio of 35.92, and a beta of 0.82. Its fifty-day moving average stands at $69.93, while the 200-day moving average is $71.65.
In its latest quarterly earnings report, Exponent announced $0.55 earnings per share (EPS), exceeding the consensus estimate of $0.50 by $0.05. The company reported revenue of $147.12 million, surpassing analyst projections of $131.78 million. This revenue reflects a 9.6% increase compared to the same quarter last year.
Dividend Declaration and Share Buyback Program
In a recent announcement, Exponent confirmed a quarterly dividend of $0.30 per share, which is set to be paid on December 19, 2023. Shareholders on record as of December 5, 2023 will qualify for this dividend, representing an annualized payout of $1.20 and a yield of 1.6%. The company’s current payout ratio is reported at 58.54%.
Additionally, Exponent’s Board of Directors has authorized a stock buyback program, allowing the company to repurchase up to $100 million in shares, which constitutes approximately 3% of its total stock. Such buyback initiatives typically indicate that the board believes the stock is undervalued.
Insider trading activity has also been notable, with CEO Catherine Corrigan selling 4,900 shares at an average price of $70.39 on November 17, 2023. This transaction totaled approximately $344,911. Following this sale, Corrigan retains 83,429 shares, valued at around $5.87 million, reflecting a 5.55% reduction in her ownership. In total, insiders sold 14,735 shares valued at $1.02 million over the past three months, with corporate insiders holding 1.60% of the stock.
Exponent, Inc. operates as a consulting firm specializing in science and engineering, with its services offered both in the United States and internationally. The company operates through two segments: Engineering and Other Scientific, and Environmental and Health, providing a range of services across various engineering disciplines.
For further updates on Exponent and insights into institutional holdings, interested parties can visit HoldingsChannel.com.
