First Mercantile Trust Co. cut its stake in FTI Consulting, Inc. (NYSE:FCN) by 43.5% during the second quarter, Holdings Channel reports. The firm owned 10,329 shares of the business services provider’s stock after selling 7,961 shares during the period. First Mercantile Trust Co.’s holdings in FTI Consulting were worth $361,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teachers Advisors LLC increased its position in FTI Consulting by 1.7% in the fourth quarter. Teachers Advisors LLC now owns 68,215 shares of the business services provider’s stock valued at $3,075,000 after buying an additional 1,135 shares during the period. Capstone Asset Management Co. increased its position in FTI Consulting by 5.0% in the first quarter. Capstone Asset Management Co. now owns 5,676 shares of the business services provider’s stock valued at $234,000 after buying an additional 270 shares during the period. LGT Capital Partners LTD. increased its position in FTI Consulting by 8.3% in the first quarter. LGT Capital Partners LTD. now owns 65,000 shares of the business services provider’s stock valued at $2,676,000 after buying an additional 5,000 shares during the period. First Citizens Bank & Trust Co. purchased a new position in FTI Consulting during the first quarter valued at $293,000. Finally, Glen Harbor Capital Management LLC increased its position in FTI Consulting by 24.7% in the first quarter. Glen Harbor Capital Management LLC now owns 3,094 shares of the business services provider’s stock valued at $128,000 after buying an additional 612 shares during the period. 97.45% of the stock is currently owned by institutional investors and hedge funds.
FTI Consulting, Inc. (NYSE FCN) opened at 32.49 on Friday. The stock has a 50 day moving average of $33.29 and a 200 day moving average of $37.15. FTI Consulting, Inc. has a 52-week low of $31.65 and a 52-week high of $47.12. The stock has a market capitalization of $1.29 billion, a P/E ratio of 35.55 and a beta of 0.28.
FTI Consulting (NYSE:FCN) last announced its quarterly earnings results on Thursday, July 27th. The business services provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by $0.13. The firm had revenue of $447.70 million during the quarter, compared to analyst estimates of $455.55 million. FTI Consulting had a net margin of 2.13% and a return on equity of 5.18%. The business’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 earnings per share. On average, equities research analysts forecast that FTI Consulting, Inc. will post $1.87 EPS for the current year.
FTI Consulting announced that its Board of Directors has authorized a share repurchase plan 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 purchase up to 7.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
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Several research analysts have recently weighed in on FCN shares. Deutsche Bank AG dropped their target price on shares of FTI Consulting from $47.00 to $38.00 and set a “hold” rating on the stock in a research report on Friday, April 28th. BidaskClub downgraded shares of FTI Consulting from a “hold” rating to a “sell” rating in a research report on Friday, June 23rd. Finally, Zacks Investment Research downgraded shares of FTI Consulting from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. FTI Consulting currently has a consensus rating of “Hold” and a consensus price target of $43.00.
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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