Cynosure Group LLC has increased its ownership in Exponent, Inc. by 17.6% during the second quarter of 2023, as reported in the firm’s latest 13F filing with the Securities and Exchange Commission (SEC). The investment firm now holds 9,659 shares of Exponent, which represents a total value of approximately $722,000 based on their recent disclosure.
Other institutional investors have also made noteworthy adjustments to their holdings in Exponent. Rhumbline Advisers, for example, raised its stake by 2.8%, bringing its total to 190,141 shares valued at $14.2 million after acquiring an additional 5,250 shares. Additionally, AXQ Capital LP established a new position in the company worth around $409,000.
JPMorgan Chase & Co. significantly boosted its investment in Exponent by 25.1%, now owning 638,081 shares worth $47.67 million after adding 128,131 shares. Franklin Resources Inc. also increased its stake by 4.4%, acquiring 4,070 shares valued at $304,000.
Overall, hedge funds and institutional investors control 92.37% of Exponent’s shares, reflecting strong confidence in the company’s prospects.
Stock Performance and Upcoming Developments
As of Friday, Exponent’s stock was trading at $70.63 on NASDAQ, with a market capitalization of $3.52 billion. The company’s price-to-earnings (P/E) ratio stands at 35.32, and its beta is 0.91. Over the past fifty-two weeks, the stock has fluctuated between a low of $63.81 and a high of $101.37.
On October 30, 2023, Exponent’s Board of Directors approved a stock repurchase program allowing the company to buy back $100 million worth of its shares. This initiative permits the repurchase of up to 3% of outstanding shares on the open market, which often signals that the company’s leadership perceives its stock as undervalued.
In addition to the buyback program, Exponent announced a quarterly dividend of $0.30 per share, scheduled to be paid on December 19, 2023. Shareholders of record as of December 5, 2023, will receive this dividend, which translates to an annualized yield of 1.7%. The company’s dividend payout ratio is currently 58.54%, reflecting a disciplined approach to returning value to shareholders.
Insider Transactions and Analysts’ Ratings
In recent insider activity, Exponent’s CEO, Catherine Corrigan, sold 4,900 shares at an average price of $70.39, totaling $344,911. Following this transaction, Corrigan retains 83,429 shares valued at approximately $5.87 million. Over the last ninety days, insiders have sold a total of 14,735 shares worth about $1.02 million, with insiders owning 1.60% of the company’s stock.
Analysts have recently updated their ratings on Exponent. On November 17, 2023, William Blair upgraded Exponent from a “market perform” rating to an “outperform” rating. Conversely, Weiss Ratings maintained a “hold (c-)” rating in an earlier report. Currently, one research analyst has assigned a Buy rating to the stock, while another has given it a Hold rating. According to MarketBeat.com, Exponent has a consensus rating of “Moderate Buy.”
Exponent, Inc., headquartered in the United States, operates as a science and engineering consulting firm, providing services in various sectors including engineering, environmental science, and health. The company continues to demonstrate a commitment to growth and shareholder value through strategic investments and returns.
