Pinebridge Investments L.P. Takes $174,000 Position in FTI Consulting, Inc. (FCN)
Pinebridge Investments L.P. bought a new position in shares of FTI Consulting, Inc. (NYSE:FCN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 4,907 shares of the business services provider’s stock, valued at approximately $174,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Riverhead Capital Management LLC boosted its stake in FTI Consulting by 81.1% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,898 shares of the business services provider’s stock valued at $101,000 after purchasing an additional 1,298 shares during the period. Public Employees Retirement System of Ohio boosted its stake in FTI Consulting by 12.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,698 shares of the business services provider’s stock valued at $164,000 after purchasing an additional 533 shares during the period. Amalgamated Bank boosted its stake in FTI Consulting by 0.6% in the 2nd quarter. Amalgamated Bank now owns 5,870 shares of the business services provider’s stock valued at $205,000 after purchasing an additional 37 shares during the period. Capstone Asset Management Co. boosted its stake in FTI Consulting by 4.9% in the 2nd quarter. Capstone Asset Management Co. now owns 5,956 shares of the business services provider’s stock valued at $208,000 after purchasing an additional 280 shares during the period. Finally, TrimTabs Asset Management LLC boosted its stake in FTI Consulting by 103.9% in the 2nd quarter. TrimTabs Asset Management LLC now owns 5,982 shares of the business services provider’s stock valued at $209,000 after purchasing an additional 3,048 shares during the period. Institutional investors own 97.21% of the company’s stock.
Several analysts recently issued reports on FCN shares. Zacks Investment Research upgraded FTI Consulting from a “sell” rating to a “hold” rating in a research note on Tuesday, September 26th. TheStreet upgraded FTI Consulting from a “c” rating to a “b” rating in a research note on Thursday, October 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company’s stock. FTI Consulting currently has an average rating of “Hold” and an average price target of $44.33.
FTI Consulting (NYSE:FCN) last announced its quarterly earnings data on Thursday, October 26th. The business services provider reported $0.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.59 by $0.24. The firm had revenue of $448.96 million during the quarter, compared to analysts’ expectations of $446.63 million. FTI Consulting had a return on equity of 6.12% and a net margin of 2.70%. The company’s quarterly revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.52 EPS. equities analysts predict that FTI Consulting, Inc. will post 2.06 earnings per share for the current fiscal year.
FTI Consulting declared that its Board of Directors has authorized a stock buyback plan on Monday, December 4th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the business services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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FTI Consulting Company Profile
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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