FTI Consulting Adds $370 Million to Share Buyback Program
FCN is trading near its 52-week low of $140.835 (11% above the low).
Summary
FTI Consulting's board authorized an additional $370 million for its share repurchase program, bringing the total available to $507.4 million. This significant capital allocation, representing nearly 8% of the company's market cap, follows an 8-K filed earlier today. It signals strong management confidence, particularly after recent mixed Q1 results and an increase in long-term debt from a new $300 million term loan in March. The move could provide substantial support for the stock price.
At the time of this announcement, FCN was trading at $156.11 on NYSE in the Trade & Services sector, with a market capitalization of approximately $4.7B. The 52-week trading range was $140.84 to $189.30. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.