FTI Consulting (NYSE:FCN) released its quarterly earnings data on Thursday. The business services provider reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.28, Bloomberg Earnings reports. FTI Consulting had a net margin of 2.70% and a return on equity of 6.12%. The business had revenue of $467.71 million during the quarter, compared to analyst estimates of $450.52 million. During the same quarter in the previous year, the business earned $0.24 EPS. FTI Consulting’s quarterly revenue was up 5.8% compared to the same quarter last year. FTI Consulting updated its FY18 guidance to $2.35-2.65 EPS.
Shares of FTI Consulting (FCN) traded up $3.22 on Thursday, reaching $46.40. 584,677 shares of the company traded hands, compared to its average volume of 236,532. The company has a market cap of $1,641.25, a P/E ratio of 37.32 and a beta of 0.36. FTI Consulting has a 12-month low of $31.65 and a 12-month high of $47.87. The company has a quick ratio of 2.15, a current ratio of 2.15 and a debt-to-equity ratio of 0.41.
FTI Consulting declared that its Board of Directors has approved a stock repurchase program on Monday, December 4th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the business services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
Several research firms recently issued reports on FCN. Zacks Investment Research raised shares of FTI Consulting from a “hold” rating to a “strong-buy” rating and set a $49.00 price objective for the company in a research note on Monday, October 30th. TheStreet raised shares of FTI Consulting from a “c” rating to a “b” rating in a research note on Thursday, October 26th.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Public Employees Retirement System of Ohio raised its holdings in FTI Consulting by 12.8% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,698 shares of the business services provider’s stock worth $164,000 after acquiring an additional 533 shares during the period. Jane Street Group LLC bought a new position in FTI Consulting in the 4th quarter worth $204,000. Verition Fund Management LLC bought a new position in FTI Consulting in the 4th quarter worth $209,000. Pinebridge Investments L.P. bought a new position in FTI Consulting in the 3rd quarter worth $174,000. Finally, CIBC Asset Management Inc bought a new position in FTI Consulting in the 4th quarter worth $217,000. Hedge funds and other institutional investors own 93.45% of the company’s stock.
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FTI Consulting Company Profile
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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