Russell Investments Group Ltd. reduced its stake in shares of FTI Consulting, Inc. (NYSE:FCN) by 51.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,263 shares of the business services provider’s stock after selling 12,003 shares during the period. Russell Investments Group Ltd.’s holdings in FTI Consulting were worth $464,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCN. Norges Bank bought a new position in FTI Consulting during the fourth quarter valued at approximately $41,444,000. AQR Capital Management LLC raised its position in FTI Consulting by 25.2% in the fourth quarter. AQR Capital Management LLC now owns 191,929 shares of the business services provider’s stock valued at $8,652,000 after buying an additional 38,583 shares during the period. Franklin Resources Inc. raised its position in FTI Consulting by 39.1% in the fourth quarter. Franklin Resources Inc. now owns 121,300 shares of the business services provider’s stock valued at $5,468,000 after buying an additional 34,100 shares during the period. State Street Corp raised its stake in shares of FTI Consulting by 1.8% in the fourth quarter. State Street Corp now owns 1,282,536 shares of the business services provider’s stock worth $57,822,000 after buying an additional 22,734 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of FTI Consulting by 8.5% in the fourth quarter. Renaissance Technologies LLC now owns 265,600 shares of the business services provider’s stock worth $11,973,000 after buying an additional 20,700 shares during the last quarter. 96.12% of the stock is currently owned by institutional investors.
FTI Consulting, Inc. (NYSE:FCN) opened at 33.70 on Tuesday. The firm has a market capitalization of $1.37 billion, a P/E ratio of 20.24 and a beta of 0.29. FTI Consulting, Inc. has a 12 month low of $32.81 and a 12 month high of $47.12. The stock’s 50 day moving average price is $34.58 and its 200 day moving average price is $39.65.
FTI Consulting (NYSE:FCN) last released its quarterly earnings results on Thursday, April 27th. The business services provider reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.26. FTI Consulting had a net margin of 3.88% and a return on equity of 6.06%. The company had revenue of $446.30 million for the quarter, compared to the consensus estimate of $461.08 million. During the same period last year, the company earned $0.83 earnings per share. FTI Consulting’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, analysts forecast that FTI Consulting, Inc. will post $1.92 earnings per share for the current year.
FTI Consulting announced that its board has authorized a stock buyback program on Friday, May 19th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 7.1% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
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A number of analysts have recently issued reports on the company. Deutsche Bank AG dropped their target price on FTI Consulting from $47.00 to $38.00 and set a “hold” rating on the stock in a research report on Friday, April 28th. Zacks Investment Research lowered FTI Consulting from a “hold” rating to a “sell” rating in a research report on Tuesday, April 18th. Finally, BidaskClub upgraded FTI Consulting from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. One equities research analyst has rated the stock with a sell rating and four have given a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $45.00.
In other FTI Consulting news, CEO Steven Henry Gunby acquired 30,000 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The shares were acquired at an average cost of $34.51 per share, for a total transaction of $1,035,300.00. Following the completion of the acquisition, the chief executive officer now directly owns 166,043 shares of the company’s stock, valued at approximately $5,730,143.93. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.03% of the company’s stock.
About FTI Consulting
FTI Consulting, Inc is a business advisory company. The Company operates through five segments: Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology and Strategic Communications. The Company provides advice and services, such as restructuring (including bankruptcy), capital formation and indebtedness, interim business management, performance improvements, forensic accounting and litigation matters, international arbitrations, mergers and acquisitions (M&A), antitrust and competition matters, securities litigation, electronic discovery (or e-discovery), management and retrieval of electronically stored information (ESI), reputation management and strategic communications.
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