The Hackett Group, Inc. (HCKT) Position Lowered by Renaissance Technologies LLC
Renaissance Technologies LLC reduced its stake in The Hackett Group, Inc. (NASDAQ:HCKT) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 850,144 shares of the business services provider’s stock after selling 32,300 shares during the quarter. Renaissance Technologies LLC owned about 2.91% of The Hackett Group worth $13,177,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. acquired a new position in shares of The Hackett Group in the first quarter worth approximately $125,000. Trigran Investments Inc. lifted its stake in shares of The Hackett Group by 484.9% in the second quarter. Trigran Investments Inc. now owns 641,337 shares of the business services provider’s stock worth $9,940,000 after acquiring an additional 531,681 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of The Hackett Group by 9.0% in the first quarter. Bank of New York Mellon Corp now owns 303,800 shares of the business services provider’s stock worth $5,921,000 after acquiring an additional 25,046 shares during the period. Eqis Capital Management Inc. lifted its stake in shares of The Hackett Group by 18.9% in the second quarter. Eqis Capital Management Inc. now owns 31,811 shares of the business services provider’s stock worth $493,000 after acquiring an additional 5,047 shares during the period. Finally, Bowling Portfolio Management LLC lifted its stake in shares of The Hackett Group by 45.7% in the second quarter. Bowling Portfolio Management LLC now owns 62,906 shares of the business services provider’s stock worth $975,000 after acquiring an additional 19,737 shares during the period. 81.54% of the stock is currently owned by institutional investors.
A number of research firms recently commented on HCKT. Zacks Investment Research lowered The Hackett Group from a “hold” rating to a “sell” rating in a research note on Tuesday, August 15th. BidaskClub lowered The Hackett Group from a “hold” rating to a “sell” rating in a research note on Saturday, August 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $19.00.
The Hackett Group, Inc. (HCKT) opened at 15.13 on Wednesday. The firm has a market capitalization of $436.79 million, a price-to-earnings ratio of 20.15 and a beta of 0.87. The Hackett Group, Inc. has a 1-year low of $13.24 and a 1-year high of $20.69. The company has a 50 day moving average price of $14.61 and a 200-day moving average price of $15.93.
The Hackett Group (NASDAQ:HCKT) last issued its earnings results on Tuesday, August 8th. The business services provider reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.02). The company had revenue of $73.60 million for the quarter, compared to analysts’ expectations of $74.36 million. The Hackett Group had a net margin of 8.42% and a return on equity of 27.74%. The company’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. On average, analysts forecast that The Hackett Group, Inc. will post $0.97 EPS for the current fiscal year.
The Hackett Group announced that its board has authorized a stock repurchase program on Tuesday, August 8th that allows the company to repurchase $5.00 million in shares. This repurchase authorization allows the business services provider to reacquire up to 17% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
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About The Hackett Group
The Hackett Group, Inc is an advisory and technology consulting company. The Company’s services include business transformation, enterprise performance management, working capital management and global business services. The Company is engaged in providing business and technology consulting services.
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