TIC Stock Down 27% in a Year — So Why Did One Major Investor Add $37 Million to Its Stake?
Key Points
Seattle-based wealth advisory Progeny 3 added 255,800 shares of TIC in the third quarter, contributing to a total position value increase of about $37.1 million.
Following the purchase, Progeny reported holding 15.3 million TIC shares valued at $203.1 million.
TIC now accounts for 10.5% of fund AUM, making it Progeny 3’s second-largest holding.
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Seattle-based wealth advisory Progeny 3 increased its stake in TIC Solutions (NYSE:TIC) by 255,800 shares, contributing to a total position value increase of about $37.1 million, according to its November 14 SEC filing.
What Happened
According to a filing with the U.S. Securities and Exchange Commission dated November 14, Progeny 3 increased its position in TIC Solutions (NYSE:TIC) by 255,800 shares during the third quarter. The fund’s stake rose to 15.3 million shares worth $203.1 million at quarter-end, making it the fund's second-largest holding.
What Else to Know
Top holdings after the filing:
- NYSE:CCJ: $204.8 million (10.6% of AUM)
- NYSE:TIC: $203.1 million (10.5% of AUM)
- NASDAQ:IBKR: $146.3 million (7.6% of AUM)
- NYSE:APG: $121.7 million (6.3% of AUM)
- NASDAQ:SSNC: $99.9 million (5.2% of AUM)
As of Thursday, TIC Solutions shares were priced at $9.42, down 27.5% over the past year and well underperforming the S&P 500, which is up 12.5% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Thursday) | $9.42 |
| Market Capitalization | $2.1 billion |
Company Snapshot
- TIC provides nondestructive testing, inspection, engineering, and laboratory testing services across the United States and Canada.
- The company provides specialized nondestructive testing, inspection, engineering, and lab testing services primarily for industrial clients.
- It provides nondestructive testing, inspection, engineering, and lab testing services to clients in the United States and Canada.
TIC Solutions, formerly known as Acuren, operates at scale within the specialty business services segment, maintaining a workforce of thousands of employees and a significant presence in the North American market. The company’s strategy is centered on delivering high-value, compliance-driven testing and engineering services, which are critical to its clients’ operational safety and regulatory adherence. Its competitive advantage lies in technical capabilities, industry experience, and a strong reputation for reliability in nondestructive testing and inspection.
Foolish Take
Despite a muted stock performance over the last two years, Progeny 3’s renewed commitment to TIC Solutions signals confidence in a business undergoing a major strategic transformation. For long-term investors, the timing matters: TIC is in the middle of a sweeping rebrand and integration effort following the Acuren-NV5 combination, with management highlighting accelerating synergies and a much larger platform poised for compliance-driven growth. TIC now accounts for 10.5% of the fund’s U.S. equity book—just behind Cameco—which places it firmly among Progeny 3’s highest-conviction holdings.
Operationally, TIC Solutions is scaling rapidly. Its 2025 outlook calls for $1.53 billion to $1.565 billion in full-year service revenue and $240 million to $250 million in adjusted EBITDA, reflecting a business benefiting from recurring, compliance-mandated demand in energy, utilities, infrastructure, and high-growth adjacencies like data centers.
Shares remain down 27.5% year over year, though, suggesting the market has yet to fully recognize the scale and durability of the combined platform. For long-term investors, Progeny 3’s move underscores the potential upside if synergy capture and margin expansion materialize as management projects.
Glossary
Stake: The amount of ownership or investment a fund or individual holds in a company.
13F reportable AUM: Assets under management that must be disclosed in quarterly SEC Form 13F filings by institutional investment managers.
Assets under management (AUM): The total market value of investments managed by a fund or firm on behalf of clients.
Holding: A specific security or asset owned by an investment fund or portfolio.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Alpha: A measure of an investment's performance compared to a benchmark, indicating value added or subtracted by active management.
Nondestructive testing: Inspection methods that evaluate materials or structures without causing damage, often used for safety and quality assurance.
Compliance-driven: Business activities or services focused on meeting regulatory or legal requirements.
Quarter: A three-month period used by companies for financial reporting and analysis.
Filing: An official document submitted to a regulatory agency, such as the SEC, disclosing financial or ownership information.
Specialty business services: Companies providing specialized support services to other businesses, often in technical or regulated fields.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Cameco, Interactive Brokers Group, and Tic Solutions. The Motley Fool recommends SS&C Technologies and recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group and short January 2027 $46.25 calls on Interactive Brokers Group. The Motley Fool has a disclosure policy.
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