FTI Consulting (NYSE:FCN) Shares Up 9.6% Following Earnings Beat
FTI Consulting, Inc. (NYSE:FCN) shares traded up 9.6% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $122.35 and last traded at $121.60, 1,050,606 shares were traded during mid-day trading. An increase of 131% from the average session volume of 454,808 shares. The stock had previously closed at $110.90.
The business services provider reported $1.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.28. FTI Consulting had a net margin of 8.07% and a return on equity of 13.63%. The firm had revenue of $607.85 million for the quarter, compared to the consensus estimate of $564.02 million. During the same quarter in the previous year, the company earned $1.73 EPS. The company’s revenue for the quarter was up .3% on a year-over-year basis.
A number of equities analysts have recently issued reports on the stock. Sidoti raised shares of FTI Consulting from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $152.00 to $171.00 in a research report on Friday, May 1st. Zacks Investment Research lowered FTI Consulting from a “hold” rating to a “sell” rating and set a $122.00 price target on the stock. in a report on Monday, June 8th. Finally, William Blair upgraded FTI Consulting from a “market perform” rating to an “outperform” rating in a report on Monday, April 6th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $149.33.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Tennessee Treasury Department boosted its position in shares of FTI Consulting by 10.3% in the 1st quarter. State of Tennessee Treasury Department now owns 28,901 shares of the business services provider’s stock worth $3,461,000 after purchasing an additional 2,703 shares in the last quarter. Swiss National Bank raised its stake in FTI Consulting by 1.7% in the 1st quarter. Swiss National Bank now owns 73,000 shares of the business services provider’s stock worth $8,743,000 after acquiring an additional 1,200 shares during the last quarter. Capital International Investors increased its holdings in shares of FTI Consulting by 77.7% in the first quarter. Capital International Investors now owns 386,200 shares of the business services provider’s stock valued at $46,255,000 after purchasing an additional 168,900 shares during the period. Invesco Ltd. raised its stake in shares of FTI Consulting by 17.4% in the first quarter. Invesco Ltd. now owns 173,867 shares of the business services provider’s stock worth $20,824,000 after purchasing an additional 25,783 shares during the last quarter. Finally, AXA lifted its holdings in shares of FTI Consulting by 671.1% during the first quarter. AXA now owns 34,700 shares of the business services provider’s stock worth $4,156,000 after purchasing an additional 30,200 shares during the period. 98.00% of the stock is owned by institutional investors and hedge funds.
The business’s 50-day simple moving average is $110.93 and its 200-day simple moving average is $118.78. The company has a market capitalization of $4.43 billion, a PE ratio of 23.37 and a beta of 0.24. The company has a current ratio of 2.18, a quick ratio of 2.36 and a debt-to-equity ratio of 0.32.
About FTI Consulting (NYSE:FCN)
FTI Consulting, Inc provides business advisory services to manage change, mitigate risk, and resolve disputes worldwide. The company's Corporate Finance & Restructuring segment provides turnaround and restructuring, business transformation, interim management, valuation and financial advisory, transaction, dispute advisory, and tax services, as well as mergers and acquisitions (M&A), and M&A integration services.
Read More: Initial Public Offering (IPO)
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