Bowman Consulting Group Ltd. (NASDAQ: BWMN) shares strengthened Friday. The Reston, Va.-based company, a national provider of technical engineering and program management services, today announced the authorization by its Board of Directors of a new share repurchase program under which the Company may repurchase up to $25 million of its common stock over the next 12 months commencing June 9. This new authorization replaces the Company’s stock repurchase authorization, which terminates on June 6.
Bowman intends to continue to prioritize organic and acquisitive growth as part of its strategic growth initiatives. The timing and amount of any share repurchases will be determined by management at its discretion based on several factors including share price, market conditions and capital allocation priorities.
With over 2,400 employees in 100 locations throughout the United States, Bowman provides a variety of planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets.
The new share repurchase program does not obligate Bowman to acquire a specific number of shares of common stock and may be suspended, modified or discontinued at any time without notice.
Shares in BWMN gathered 89 cents, or 3.3%, Friday to $27.54.
