The Hackett Group, Inc. (NASDAQ:HCKT) was down 13.4% on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.24 and last traded at $13.80, with a volume of 670,291 shares changing hands. The stock had previously closed at $15.93.

The business services provider reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.02. The firm had revenue of $73.60 million for the quarter, compared to the consensus estimate of $74.36 million. The Hackett Group had a net margin of 8.42% and a return on equity of 28.01%. The business’s revenue was down 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.24 EPS.

The Hackett Group announced that its Board of Directors has approved a share buyback plan on Monday, May 15th that permits the company to buyback $5.00 million in outstanding shares. This buyback authorization permits the business services provider to buy up to 1.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

A number of analysts have commented on HCKT shares. Zacks Investment Research cut shares of The Hackett Group from a “buy” rating to a “hold” rating in a research report on Tuesday, April 25th. Craig Hallum cut shares of The Hackett Group from a “buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a research report on Wednesday, May 10th. Roth Capital cut shares of The Hackett Group from a “buy” rating to a “neutral” rating and set a $20.00 price target on the stock. in a research report on Wednesday, May 10th. SunTrust Banks, Inc. started coverage on shares of The Hackett Group in a research report on Thursday, June 15th. They set a “buy” rating and a $19.00 price target on the stock. Finally, BidaskClub raised shares of The Hackett Group from a “hold” rating to a “buy” rating in a research report on Monday, July 24th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $20.00.

Several institutional investors have recently added to or reduced their stakes in the company. Martingale Asset Management L P boosted its position in The Hackett Group by 4.8% in the first quarter. Martingale Asset Management L P now owns 103,244 shares of the business services provider’s stock worth $2,013,000 after buying an additional 4,697 shares during the period. Victory Capital Management Inc. bought a new position in The Hackett Group during the first quarter worth about $125,000. Bank of New York Mellon Corp boosted its position in The Hackett Group by 9.0% in the first quarter. Bank of New York Mellon Corp now owns 303,800 shares of the business services provider’s stock worth $5,921,000 after buying an additional 25,046 shares during the period. Eqis Capital Management Inc. boosted its position in The Hackett Group by 88.0% in the first quarter. Eqis Capital Management Inc. now owns 26,764 shares of the business services provider’s stock worth $522,000 after buying an additional 12,528 shares during the period. Finally, Capital Impact Advisors LLC boosted its position in The Hackett Group by 47.0% in the first quarter. Capital Impact Advisors LLC now owns 83,027 shares of the business services provider’s stock worth $1,618,000 after buying an additional 26,527 shares during the period. 81.75% of the stock is currently owned by institutional investors.

The company has a market cap of $403.22 million, a P/E ratio of 17.92 and a beta of 0.78. The stock has a 50-day moving average price of $15.85 and a 200-day moving average price of $17.19.

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About The Hackett Group

The Hackett Group, Inc is an advisory and technology consulting company. The Company’s services include business transformation, enterprise performance management, working capital management and global business services. The Company is engaged in providing business and technology consulting services.

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