Shares of ICF International, Inc. (NASDAQ:ICFI) experienced a notable increase of 3.2% on Monday, reaching a high of $88.55 before closing at $88.97. The trading volume for the day was 96,791 shares, a significant drop from the average of 218,055 shares. This rise follows a previous closing price of $86.18.
Analysts Adjust Ratings and Price Targets
Several financial analysts have weighed in on ICF International’s stock performance. Notably, Barrington Research reduced its price target from $107.00 to $102.00, maintaining an “outperform” rating for the company in a report issued on November 20, 2023. Weiss Ratings reaffirmed a “hold (C-)” rating in their analysis published on December 22, 2023. In contrast, Canaccord Genuity Group initiated coverage with a “buy” rating and set a price target of $115.00.
The consensus rating for ICF International stands at “Moderate Buy,” with a price target averaging $100.67, according to MarketBeat.com.
Quarterly Earnings and Dividend Announcement
ICF International’s latest quarterly earnings report, released on October 30, 2023, revealed earnings per share (EPS) of $1.67, falling short of the consensus estimate of $1.75 by $0.08. The company reported a revenue of $465.41 million, notably below the expected $485.10 million, reflecting a 10.0% decline compared to the same quarter last year.
Looking ahead, ICF International anticipates posting an EPS of $7.44 for the current fiscal year. Additionally, the company announced a quarterly dividend of $0.14 per share, payable on January 9, 2024, to investors of record as of December 5, 2023. This dividend represents an annualized amount of $0.56 and a yield of 0.6%.
Insider Trading Activity
Recent insider activity has also been noted, with Randall Mehl, a director at ICF, purchasing 500 shares on November 17, 2023, at an average price of $77.00 per share, totaling $38,500. This acquisition increased his holdings to 20,474 shares, valued at approximately $1,576,498.
Conversely, James C. M. Morgan, the Chief Operating Officer, sold 2,400 shares on October 2, 2023, at an average price of $95.19, resulting in a transaction value of $228,456. Following this sale, Morgan retains 39,704 shares, valued at about $3,779,423.76.
Insiders currently hold 1.39% of ICF International’s stock, reflecting a modest stake in the company.
Institutional Investment Trends
Institutional investors have also been active in adjusting their stakes in ICF International. EverSource Wealth Advisors LLC significantly increased its holdings by 2,121.1% during the second quarter, now owning 422 shares valued at $36,000 after acquiring 403 additional shares. Other notable transactions include Captrust Financial Advisors and Anchor Investment Management LLC, both purchasing new stakes in the company valued at $246,000 and $249,000, respectively.
Overall, institutional investors now control 94.12% of ICF International’s shares, indicating strong confidence in the company’s future performance.
Founded in 1969 and headquartered in Reston, Virginia, ICF International specializes in consulting and digital services, focusing on the intersection of strategy, technology, and policy. The firm provides integrated solutions across various sectors, including energy, health, transportation, and communications.
