KLP Kapitalforvaltning AS Acquires 1,700 Shares of FTI Consulting, Inc. (NYSE:FCN)

Key Points

• KLP Kapitalforvaltning AS increased its stake in FTI Consulting, Inc. by 19.3%, purchasing an additional 1,700 shares worth approximately $1.723 million.
• The company announced a stock repurchase program of $400 million, allowing it to buy back up to 6.9% of its shares, indicating that the board believes the stock is undervalued.
• Recent analyst ratings show a downgrade from "buy" to "hold" from firms like Truist and Wall Street Zen, with a revised target price of $178.00.

KLP Kapitalforvaltning AS boosted its position in FTI Consulting, Inc. (NYSE:FCN - Free Report) by 19.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,500 shares of the business services provider's stock after buying an additional 1,700 shares during the period. KLP Kapitalforvaltning AS's holdings in FTI Consulting were worth $1,723,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mawer Investment Management Ltd. increased its stake in FTI Consulting by 3.8% during the fourth quarter. Mawer Investment Management Ltd. now owns 4,065,609 shares of the business services provider's stock worth $777,060,000 after acquiring an additional 149,276 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of FTI Consulting by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 3,564,322 shares of the business services provider's stock valued at $681,249,000 after purchasing an additional 23,419 shares during the last quarter. Victory Capital Management Inc. raised its stake in FTI Consulting by 11.0% during the 1st quarter. Victory Capital Management Inc. now owns 1,549,781 shares of the business services provider's stock valued at $254,288,000 after acquiring an additional 153,523 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in FTI Consulting by 86.4% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,018,868 shares of the business services provider's stock valued at $194,737,000 after acquiring an additional 472,245 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in FTI Consulting by 9.3% during the 4th quarter. Alliancebernstein L.P. now owns 740,858 shares of the business services provider's stock worth $141,600,000 after purchasing an additional 63,163 shares during the period. 99.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. William Blair reiterated an "outperform" rating on shares of FTI Consulting in a report on Friday, April 25th. Truist Financial cut shares of FTI Consulting from a "buy" rating to a "hold" rating and cut their target price for the stock from $225.00 to $178.00 in a report on Wednesday, April 2nd. Finally, Wall Street Zen cut shares of FTI Consulting from a "buy" rating to a "hold" rating in a report on Thursday, April 3rd.

FTI Consulting Price Performance

FTI Consulting stock traded down $0.33 during mid-day trading on Tuesday, hitting $170.39. The company's stock had a trading volume of 151,958 shares, compared to its average volume of 375,048. FTI Consulting, Inc. has a twelve month low of $151.75 and a twelve month high of $231.65. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $5.84 billion, a P/E ratio of 24.00 and a beta of 0.19. The stock's fifty day moving average price is $164.16 and its two-hundred day moving average price is $169.69.

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

FTI Consulting declared that its board has authorized a share buyback program on Thursday, April 24th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the business services provider to buy up to 6.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In other FTI Consulting news, CFO Ajay Sabherwal sold 5,236 shares of FTI Consulting stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $164.60, for a total transaction of $861,845.60. Following the completion of the sale, the chief financial officer owned 24,777 shares of the company's stock, valued at $4,078,294.20. This trade represents a 17.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.79% of the stock is owned by company insiders.

FTI Consulting Profile

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.