Lazard Asset Management LLC Boosts Stake in FTI Consulting, Inc. (NYSE:FCN)

Lazard Asset Management LLC raised its position in FTI Consulting, Inc. (NYSE:FCN) by 1,953.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,200 shares of the business services provider’s stock after purchasing an additional 11,606 shares during the period. Lazard Asset Management LLC’s holdings in FTI Consulting were worth $2,331,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new position in FTI Consulting in the 4th quarter valued at about $3,353,000. Gotham Asset Management LLC lifted its position in shares of FTI Consulting by 356.5% during the fourth quarter. Gotham Asset Management LLC now owns 63,325 shares of the business services provider’s stock worth $12,103,000 after purchasing an additional 49,452 shares during the last quarter. Ethic Inc. lifted its position in shares of FTI Consulting by 15.7% during the fourth quarter. Ethic Inc. now owns 1,765 shares of the business services provider’s stock worth $337,000 after purchasing an additional 239 shares during the last quarter. Deutsche Bank AG lifted its position in shares of FTI Consulting by 16.0% during the fourth quarter. Deutsche Bank AG now owns 5,069 shares of the business services provider’s stock worth $969,000 after purchasing an additional 698 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its position in shares of FTI Consulting by 9.4% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 106,398 shares of the business services provider’s stock worth $20,336,000 after purchasing an additional 9,159 shares during the last quarter. 99.36% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at FTI Consulting

In other FTI Consulting 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 value of $861,845.60. Following the sale, the chief financial officer now owns 24,777 shares in the company, valued at approximately $4,078,294.20. This trade represents a 17.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. StockNews.com cut shares of FTI Consulting from a “buy” rating to a “hold” rating in a research report on Thursday, April 3rd. William Blair reaffirmed an “outperform” rating on shares of FTI Consulting in a research report on Friday, April 25th. Truist Financial cut shares of FTI Consulting from a “buy” rating to a “hold” rating and cut their target price for the stock from $225.00 to $178.00 in a report on Wednesday, April 2nd. Finally, The Goldman Sachs Group cut their target price 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.

FTI Consulting Stock Up 1.0%

Shares of NYSE FCN opened at $166.94 on Friday. The firm’s 50-day moving average price is $163.17 and its two-hundred day moving average price is $181.76. FTI Consulting, Inc. has a 52-week low of $151.75 and a 52-week high of $243.60. The stock has a market capitalization of $5.72 billion, a P/E ratio of 21.40 and a beta of 0.18.

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

FTI Consulting announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 24th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the business services provider to reacquire up to 6.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

About FTI Consulting

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.