Allianz Asset Management GmbH Sells 6,324 Shares of FTI Consulting, Inc. (NYSE:FCN)

Key Points

• Allianz Asset Management GmbH cut its stake in FTI Consulting by 76.7%, reducing its holdings to 1,916 shares valued at $314,000.
• FTI Consulting reported earnings of $2.13 per share, surpassing analysts' expectations, with quarterly revenue of $943.66 million despite a 0.6% year-over-year decline.
• The company has authorized a $400 million share buyback program, indicating a belief that its shares are undervalued.

Allianz Asset Management GmbH reduced its holdings in FTI Consulting, Inc. (NYSE:FCN - Free Report) by 76.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,916 shares of the business services provider's stock after selling 6,324 shares during the quarter. Allianz Asset Management GmbH's holdings in FTI Consulting were worth $314,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its holdings in FTI Consulting by 0.4% during the first quarter. Principal Financial Group Inc. now owns 81,271 shares of the business services provider's stock worth $13,335,000 after purchasing an additional 302 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of FTI Consulting in the first quarter valued at $30,000. Black Diamond Financial LLC bought a new position in FTI Consulting during the first quarter valued at about $328,000. GAMMA Investing LLC raised its position in FTI Consulting by 7,936.5% in the first quarter. GAMMA Investing LLC now owns 39,379 shares of the business services provider's stock worth $6,461,000 after acquiring an additional 38,889 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in FTI Consulting in the 4th quarter valued at about $442,000. Institutional investors own 99.36% of the company's stock.

FTI Consulting Stock Performance

Shares of NYSE:FCN traded up $1.22 during midday trading on Thursday, hitting $169.24. The company's stock had a trading volume of 81,165 shares, compared to its average volume of 374,209. The company has a debt-to-equity ratio of 0.25, a quick ratio of 2.11 and a current ratio of 2.11. The stock's 50 day simple moving average is $164.40 and its 200 day simple moving average is $168.78. The stock has a market capitalization of $5.48 billion, a price-to-earnings ratio of 23.84 and a beta of 0.18. FTI Consulting, Inc. has a fifty-two week low of $151.75 and a fifty-two week high of $231.65.

FTI Consulting (NYSE:FCN - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The business services provider reported $2.13 EPS for the quarter, beating the consensus estimate of $1.87 by $0.26. The firm had revenue of $943.66 million during the quarter, compared to analysts' expectations of $928.38 million. FTI Consulting had a return on equity of 12.88% and a net margin of 6.82%. The company's revenue for the quarter was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 EPS. As a group, research analysts anticipate that FTI Consulting, Inc. will post 8.55 earnings per share for the current year.

FTI Consulting announced that its Board of Directors has approved a share repurchase program on Thursday, April 24th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 6.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Separately, William Blair reaffirmed an "outperform" rating on shares of FTI Consulting in a report on Friday, April 25th.

About FTI Consulting

FTI Consulting, Inc provides business advisory services to manage change, mitigate risk, and resolve disputes worldwide. The company operates through Corporate Finance & Restructuring, Forensic and Litigation Consulting, Economic Consulting, Technology, and Strategic Communications segments. The Corporate Finance & Restructuring segment provides business transformation and strategy, transactions, and turnaround and restructuring services.