Robert Half Inc. $RHI Shares Sold by Grimes & Company Inc.

Key Points

• Grimes & Company Inc. reduced its stake in Robert Half Inc. by 26.9%, selling 74,636 shares during the second quarter, now holding 203,139 shares worth approximately $8.34 million.
• Several institutional investors, including Mirae Asset Global Investments and Lecap Asset Management, increased their holdings in Robert Half, highlighting a continued interest despite the recent sell-off.
• Robert Half announced a quarterly dividend of $0.59 per share, representing a yield of 6.8%, although its payout ratio is notably high at 134.86%.

Grimes & Company Inc. cut its holdings in shares of Robert Half Inc. (NYSE:RHI - Free Report) by 26.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 203,139 shares of the business services provider's stock after selling 74,636 shares during the period. Grimes & Company Inc. owned about 0.20% of Robert Half worth $8,339,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its position in Robert Half by 11.1% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 91,917 shares of the business services provider's stock valued at $3,773,000 after purchasing an additional 9,212 shares during the period. Lecap Asset Management Ltd. raised its position in shares of Robert Half by 7.8% in the second quarter. Lecap Asset Management Ltd. now owns 32,633 shares of the business services provider's stock worth $1,340,000 after acquiring an additional 2,368 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Robert Half by 9.4% in the second quarter. Janney Montgomery Scott LLC now owns 4,952 shares of the business services provider's stock worth $203,000 after acquiring an additional 424 shares during the period. State of Alaska Department of Revenue raised its position in shares of Robert Half by 7.5% in the second quarter. State of Alaska Department of Revenue now owns 59,827 shares of the business services provider's stock worth $2,455,000 after acquiring an additional 4,173 shares during the period. Finally, Alpha Omega Wealth Management LLC raised its position in shares of Robert Half by 45.7% in the second quarter. Alpha Omega Wealth Management LLC now owns 85,681 shares of the business services provider's stock worth $3,517,000 after acquiring an additional 26,887 shares during the period. 92.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RHI. Wall Street Zen upgraded shares of Robert Half from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Robert Half from $47.00 to $45.00 and set a "neutral" rating for the company in a research report on Thursday, July 24th. Zacks Research downgraded shares of Robert Half from a "hold" rating to a "strong sell" rating in a research report on Monday, September 22nd. Finally, Weiss Ratings restated a "sell (d)" rating on shares of Robert Half in a research report on Saturday, September 27th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Reduce" and a consensus price target of $45.83.

Robert Half Trading Up 0.8%

Shares of NYSE RHI opened at $34.50 on Monday. Robert Half Inc. has a 12-month low of $33.18 and a 12-month high of $78.41. The stock has a market cap of $3.51 billion, a PE ratio of 19.71 and a beta of 1.02. The company has a 50-day moving average of $35.77 and a 200 day moving average of $42.08.

Robert Half (NYSE:RHI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The business services provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.01. Robert Half had a net margin of 3.20% and a return on equity of 13.00%. The company had revenue of $1.37 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same quarter in the prior year, the company earned $0.66 EPS. Robert Half's revenue was down 7.0% compared to the same quarter last year. On average, sell-side analysts forecast that Robert Half Inc. will post 2.48 EPS for the current fiscal year.

Robert Half Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Monday, August 25th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 6.8%. The ex-dividend date of this dividend was Monday, August 25th. Robert Half's dividend payout ratio is currently 134.86%.

Robert Half Company Profile

Robert Half Inc provides talent solutions and business consulting services in North America, South America, Europe, Asia, and Australia. The company operates through Contract Talent Solutions, Permanent Placement Talent Solutions, and Protiviti segments. The Contract Talent Solutions segment provides contract engagement professionals in the fields of finance and accounting, technology, marketing and creative, legal and administrative, and customer support.

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