Assenagon Asset Management S.A. Increases Stake in FTI Consulting, Inc. (NYSE:FCN)

Assenagon Asset Management S.A. lifted its stake in shares of FTI Consulting, Inc. (NYSE:FCN) by 130.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,100 shares of the business services provider’s stock after acquiring an additional 16,471 shares during the period. Assenagon Asset Management S.A. owned 0.08% of FTI Consulting worth $4,775,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Mawer Investment Management Ltd. lifted its holdings in shares of FTI Consulting by 3.8% during the 4th 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 period. Vanguard Group Inc. lifted its holdings in shares of FTI Consulting by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 3,564,322 shares of the business services provider’s stock worth $681,249,000 after acquiring an additional 23,419 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of 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 worth $194,737,000 after acquiring an additional 472,245 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of 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 acquiring an additional 63,163 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of FTI Consulting by 3.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 701,033 shares of the business services provider’s stock worth $133,987,000 after acquiring an additional 23,784 shares during the period. 99.36% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Ajay Sabherwal sold 5,236 shares of the firm’s stock in a transaction that occurred 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 now owns 24,777 shares of the company’s stock, valued at approximately $4,078,294.20. This trade represents a 17.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.79% of the company’s stock.

FTI Consulting Stock Down 0.8%

FCN opened at $161.02 on Monday. The firm has a market capitalization of $5.52 billion, a P/E ratio of 20.64 and a beta of 0.19. The firm’s 50 day moving average is $164.15 and its 200-day moving average is $176.53. FTI Consulting, Inc. has a 52-week low of $151.75 and a 52-week high of $243.60.

FTI Consulting (NYSE:FCN) last posted its quarterly earnings data on Thursday, April 24th. The business services provider reported $2.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.50. The company had revenue of $898.28 million for the quarter, compared to analyst estimates of $906.93 million. FTI Consulting had a net margin of 7.57% and a return on equity of 13.15%. The business’s quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.23 earnings per share. Equities analysts expect that FTI Consulting, Inc. will post 8.55 earnings per share for the current fiscal year.

FTI Consulting announced that its board has authorized a share repurchase program on Thursday, April 24th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the business services provider to buy up to 6.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on FCN shares. The Goldman Sachs Group cut their price target on shares of FTI Consulting from $194.00 to $173.00 and set a “neutral” rating on the stock in a report on Friday, February 21st. Wall Street Zen lowered shares of FTI Consulting from a “buy” rating to a “hold” rating in a report on Thursday, April 3rd. William Blair restated an “outperform” rating on shares of FTI Consulting in a report on Friday, April 25th. Finally, 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 report on Wednesday, April 2nd.

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.