New York State Common Retirement Fund Reduces Position in FTI Consulting, Inc. (NYSE:FCN)

New York State Common Retirement Fund decreased its stake in shares of FTI Consulting, Inc. (NYSE:FCN - Free Report) by 48.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 22,783 shares of the business services provider's stock after selling 21,500 shares during the period. New York State Common Retirement Fund owned 0.07% of FTI Consulting worth $3,738,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GeoWealth Management LLC grew its position in FTI Consulting by 46.0% during the fourth quarter. GeoWealth Management LLC now owns 181 shares of the business services provider's stock worth $35,000 after buying an additional 57 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in FTI Consulting during the first quarter worth about $30,000. Quarry LP raised its position in FTI Consulting by 115.4% during the fourth quarter. Quarry LP now owns 349 shares of the business services provider's stock valued at $67,000 after purchasing an additional 187 shares in the last quarter. Curat Global LLC purchased a new stake in FTI Consulting during the first quarter valued at about $89,000. Finally, Covestor Ltd raised its position in FTI Consulting by 23.1% during the fourth quarter. Covestor Ltd now owns 708 shares of the business services provider's stock valued at $135,000 after purchasing an additional 133 shares in the last quarter. Hedge funds and other institutional investors own 99.36% of the company's stock.

Wall Street Analysts Forecast Growth

FCN has been the subject of several analyst reports. Truist Financial lowered shares of FTI Consulting from a "buy" rating to a "hold" rating and cut their price target for the company from $225.00 to $178.00 in a research report on Wednesday, April 2nd. William Blair restated an "outperform" rating on shares of FTI Consulting in a research report on Friday, April 25th. Finally, Wall Street Zen cut shares of FTI Consulting from a "buy" rating to a "hold" rating in a research report on Thursday, April 3rd.

Insiders Place Their Bets

In related news, CFO Ajay Sabherwal sold 5,236 shares of FTI Consulting stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $164.60, for a total transaction of $861,845.60. Following the transaction, the chief financial officer directly owned 24,777 shares in the company, valued at approximately $4,078,294.20. The trade was a 17.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.79% of the company's stock.

FTI Consulting Price Performance

FCN opened at $165.12 on Wednesday. The stock has a 50-day moving average price of $163.68 and a 200-day moving average price of $170.45. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.24 and a quick ratio of 2.24. The firm has a market cap of $5.66 billion, a PE ratio of 22.59 and a beta of 0.19. FTI Consulting, Inc. has a 1 year low of $151.75 and a 1 year high of $243.60.

FTI Consulting (NYSE:FCN - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The business services provider reported $2.29 EPS for the quarter, beating the consensus estimate of $1.79 by $0.50. The company had revenue of $898.28 million for the quarter, compared to analysts' expectations of $906.93 million. FTI Consulting had a return on equity of 13.07% and a net margin of 7.14%. FTI Consulting's revenue was down 3.3% compared to the same quarter last year. During the same period last year, the firm posted $2.23 earnings per share. Sell-side analysts predict that FTI Consulting, Inc. will post 8.55 earnings per share for the current fiscal year.

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

FTI Consulting Company 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.

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