Rice Hall James & Associates Cuts Stake in Willdan Group by 77.9%

Investment firm Rice Hall James & Associates LLC has significantly reduced its stake in Willdan Group, Inc. (NASDAQ: WLDN) by 77.9% during the third quarter of 2023. According to Holdings Channel, the institutional investor now holds 26,357 shares of the construction firm after offloading 93,041 shares during the reporting period. The value of Rice Hall James’s holdings at the end of this quarter was approximately $2.55 million.

Other institutional investors have also adjusted their positions in Willdan Group. For instance, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake by 1.1% in the second quarter, bringing its total to 7,615 shares, valued at $476,000. Similarly, CWM LLC raised its holdings by 7.0% in the third quarter, now owning 2,185 shares worth around $211,000.

Additionally, Ameritas Investment Partners Inc. amplified its position by 15.6%, acquiring 1,419 shares valued at $89,000. Engineers Gate Manager LP and Concurrent Investment Advisors LLC also made incremental increases to their holdings, showcasing a diverse range of investor activity around Willdan Group. Notably, institutional investors collectively own 72.29% of the company’s stock.

Analyst Ratings and Market Performance

Recent analyses from various research firms have provided insight into Willdan Group’s stock outlook. On October 6, 2023, Wedbush reaffirmed an “outperform” rating and set a target price of $120.00 per share. Weiss Ratings reiterated a “buy” rating on December 22, 2023, while Zacks Research upgraded the stock from “hold” to “strong-buy” on November 13, 2023. Conversely, Wall Street Zen downgraded the stock from “strong-buy” to “buy” in a report released on November 15, 2023.

As of the latest trading session, Willdan Group’s stock opened at $111.27, reflecting a 1.5% decline. The company boasts a market capitalization of $1.64 billion, a price-to-earnings ratio of 40.03, and a beta of 0.97. Over the past year, the stock has fluctuated between a low of $30.43 and a high of $121.00.

Recent Earnings Report

Willdan Group’s most recent quarterly earnings, disclosed on November 6, 2023, revealed earnings per share of $1.21, surpassing analysts’ estimates of $0.81 by $0.40. The company reported revenue of $94.97 million, which fell short of the consensus estimate of $164.00 million. The firm achieved a net margin of 6.37% and a return on equity of 20.23%. Analysts predict that Willdan Group will post earnings of $1.82 per share for the current fiscal year.

Willdan Group, Inc. specializes in energy efficiency, infrastructure engineering, and technical consulting services for both public and private sector clients. The company partners with utilities, municipalities, state and federal agencies, and commercial enterprises to promote sustainable energy use and resilient infrastructure. Their services include program design and implementation, energy audits, and project management, addressing both new construction and retrofit initiatives.

As investors and analysts continue to monitor Willdan Group’s performance, the company’s ability to navigate market challenges and capitalize on growth opportunities will be crucial in the coming months.