BlackRock Inc. Purchases 4,388,105 Shares of FTI Consulting, Inc. (NYSE:FCN)

BlackRock Inc. boosted its position in FTI Consulting, Inc. (NYSE:FCN) by 16,640.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,414,475 shares of the business services provider’s stock after buying an additional 4,388,105 shares during the period. BlackRock Inc. owned approximately 10.68% of FTI Consulting worth $181,743,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in FCN. Great West Life Assurance Co. Can raised its stake in FTI Consulting by 4.0% in the first quarter. Great West Life Assurance Co. Can now owns 24,723 shares of the business services provider’s stock worth $1,017,000 after buying an additional 950 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in FTI Consulting by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 14,771 shares of the business services provider’s stock worth $608,000 after buying an additional 200 shares during the last quarter. Glen Harbor Capital Management LLC raised its stake in FTI Consulting by 24.7% in the first quarter. Glen Harbor Capital Management LLC now owns 3,094 shares of the business services provider’s stock worth $128,000 after buying an additional 612 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new stake in FTI Consulting during the first quarter worth $293,000. Finally, LGT Capital Partners LTD. raised its stake in FTI Consulting by 8.3% in the first quarter. LGT Capital Partners LTD. now owns 65,000 shares of the business services provider’s stock worth $2,676,000 after buying an additional 5,000 shares during the last quarter. Hedge funds and other institutional investors own 96.12% of the company’s stock.

FTI Consulting, Inc. (NYSE:FCN) opened at 34.04 on Friday. The firm has a 50-day moving average of $34.29 and a 200 day moving average of $38.49. FTI Consulting, Inc. has a 52 week low of $32.81 and a 52 week high of $47.12. The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of 20.44 and a beta of 0.29.

FTI Consulting (NYSE:FCN) last announced its earnings results on Thursday, April 27th. The business services provider reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.26. FTI Consulting had a net margin of 3.88% and a return on equity of 6.06%. The business had revenue of $446.30 million during the quarter, compared to analyst estimates of $461.08 million. During the same period in the previous year, the company earned $0.83 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, analysts anticipate that FTI Consulting, Inc. will post $1.92 EPS for the current year.

FTI Consulting declared that its Board of Directors has initiated a share buyback plan on Friday, May 19th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

A number of research firms recently weighed in on FCN. Zacks Investment Research lowered shares of FTI Consulting from a “hold” rating to a “sell” rating in a research note on Tuesday, April 18th. BidaskClub upgraded shares of FTI Consulting from a “sell” rating to a “hold” rating in a research note on Thursday, June 29th. Finally, Deutsche Bank AG cut their target price on shares of FTI Consulting from $47.00 to $38.00 and set a “hold” rating on the stock in a research note on Friday, April 28th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $45.00.

In other FTI Consulting news, CEO Steven Henry Gunby bought 30,000 shares of the business’s stock in a transaction on Friday, April 28th. The shares were bought at an average cost of $34.51 per share, with a total value of $1,035,300.00. Following the transaction, the chief executive officer now directly owns 166,043 shares in the company, valued at approximately $5,730,143.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.03% of the company’s stock.

About FTI Consulting

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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