RESTON, Va.—Morgan James C M, the Chief Operating Officer of ICF International, Inc. (NASDAQ:ICFI), recently sold 2,500 shares of the company's common stock. The shares were sold at a weighted average price of $175.0694, resulting in a total transaction value of approximately $437,673.
The sale, which took place on October 16, was conducted under a Rule 10b5-1 trading plan that James adopted on March 5, 2024. Following this transaction, James holds 37,663 shares directly. The shares were sold in multiple transactions with prices ranging from $175.03 to $175.18 per share.
In other recent news, ICF International Inc. reported a robust second quarter in 2024, with revenue increasing by 2.4% to $512 million. The growth was largely driven by the Energy, Environment, Infrastructure, and Disaster Recovery market, which accounted for 45% of total revenues and saw a 14% increase. Notably, the company's net income rose by 26.1% to $25.6 million, and diluted earnings per share grew by 27.1% to $1.36.
Moreover, ICF announced a record $810 million in contract awards during the quarter, indicating strong future growth potential. Among these contracts, a significant $1.4 billion agreement with the Department of Defense for data applications and services modernization was secured.
In another development, David Birken was appointed to lead the company's federal technology and digital experience business, overseeing a team of nearly 2,000 professionals. Birken's role will focus on providing digital solutions to U.S. federal agencies.
Despite challenges in the federal business and lower year-on-year gross revenue in the Health and Social Programs client market, ICF remains optimistic about its growth potential. According to Tobey Sommer from Truist Securities, the company's billable employee headcount has grown in the mid-single-digit range. These recent developments suggest a positive outlook for ICF's continued growth.
InvestingPro Insights
ICF International's recent stock performance and financial metrics provide additional context to the insider sale by COO Morgan James C M. According to InvestingPro data, ICFI's stock is trading near its 52-week high, with a strong return of 26.2% over the last three months and a 31.66% year-to-date price total return as of the most recent data.
The company's financial health appears robust, with a market capitalization of $3.28 billion and a revenue of $1.99 billion in the last twelve months as of Q2 2024. ICFI's P/E ratio stands at 32.7, which is considered high, but this should be viewed in light of the company's growth prospects.
InvestingPro Tips highlight that ICFI is trading at a low P/E ratio relative to its near-term earnings growth, suggesting potential undervaluation despite the recent stock price surge. Additionally, analysts have revised their earnings upwards for the upcoming period, indicating positive expectations for the company's future performance.
These insights suggest that while the insider sale might raise questions, the company's overall financial position and market performance remain strong. Investors seeking a more comprehensive analysis can find 11 additional tips on InvestingPro, offering a deeper understanding of ICFI's investment potential.
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