Cynosure Group LLC has increased its stake in Exponent, Inc. (NASDAQ: EXPO) by 17.6% during the second quarter of 2023, as indicated in its latest 13F filing with the U.S. Securities and Exchange Commission (SEC). The firm now holds 9,659 shares of the business services provider, having acquired an additional 1,447 shares in the period, bringing the value of its holdings to approximately $722,000.
Other institutional investors have also shown interest in Exponent. Rhumbline Advisers increased its position by 2.8%, now owning 190,141 shares valued at $14.2 million after purchasing an additional 5,250 shares. Similarly, JPMorgan Chase & Co. raised its stake by 25.1% in the same quarter, holding 638,081 shares worth about $47.7 million.
AXQ Capital LP established a new position valued at approximately $409,000, while Franklin Resources Inc. grew its holdings by 4.4%, owning 4,070 shares valued at $304,000. In total, hedge funds and other institutional investors now control 92.37% of Exponent’s stock.
Stock Performance and Strategic Moves
As of the most recent trading session, Exponent’s stock opened at $70.63, with a market capitalization of $3.52 billion. The company has a price-to-earnings (P/E) ratio of 35.32 and a beta of 0.91. The stock’s fifty-day moving average stands at $68.89, while its 200-day moving average is $72.20. Exponent has experienced a fifty-two week low of $63.81 and a high of $101.37.
On October 30, 2023, Exponent’s Board of Directors authorized a stock repurchase program, allowing the company to buy back up to $100 million in outstanding shares. This program, which permits the repurchase of up to 3% of its stock through open market purchases, often indicates a belief that the stock is undervalued.
In addition to the repurchase program, Exponent has announced a quarterly dividend of $0.30, set to be paid on December 19, 2023. The record date for this dividend is December 5, 2023, and the ex-dividend date is also December 5, 2023. This dividend represents an annualized payout of $1.20 and a yield of 1.7%. Exponent’s dividend payout ratio is 58.54%.
Insider Activity and Analyst Ratings
In related news, CEO Catherine Corrigan sold 4,900 shares on November 17, 2023, at an average price of $70.39, totaling approximately $344,911. Following this transaction, she retains 83,429 shares valued at nearly $5.87 million, reflecting a 5.55% decrease in her ownership. Over the past ninety days, insiders have sold a total of 14,735 shares for $1,017,242, with insiders now owning 1.60% of the company.
Recent analyst reports have also impacted Exponent’s stock performance. William Blair upgraded Exponent from a “market perform” rating to an “outperform” rating on November 17, 2023. Meanwhile, Weiss Ratings reiterated a “hold (C-)” rating on October 8, 2023. Currently, one equity research analyst rates the stock as a Buy, while another has given it a Hold rating, resulting in a consensus rating of “Moderate Buy” according to MarketBeat.com.
Exponent, Inc. provides consulting services in science and engineering across two primary segments: Engineering and Other Scientific, and Environmental and Health. The company operates in various fields, including biomechanics, biomedical engineering, civil engineering, and environmental sciences, catering to both domestic and international clients.
