Bank of New York Mellon Corp reduced its stake in The Hackett Group, Inc. (NASDAQ:HCKT) by 11.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 269,595 shares of the business services provider’s stock after selling 34,205 shares during the quarter. Bank of New York Mellon Corp owned 0.92% of The Hackett Group worth $4,178,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Alps Advisors Inc. lifted its holdings in shares of The Hackett Group by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 24,798 shares of the business services provider’s stock worth $384,000 after acquiring an additional 64 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of The Hackett Group by 0.5% in the 1st quarter. Bank of America Corp DE now owns 161,050 shares of the business services provider’s stock worth $3,138,000 after acquiring an additional 750 shares during the last quarter. American International Group Inc. lifted its holdings in shares of The Hackett Group by 7.1% in the 1st quarter. American International Group Inc. now owns 13,827 shares of the business services provider’s stock worth $269,000 after acquiring an additional 918 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of The Hackett Group by 4.1% in the 2nd quarter. Rhumbline Advisers now owns 26,472 shares of the business services provider’s stock worth $410,000 after acquiring an additional 1,045 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of The Hackett Group by 0.6% in the 1st quarter. Alliancebernstein L.P. now owns 231,497 shares of the business services provider’s stock worth $4,512,000 after acquiring an additional 1,420 shares during the last quarter. Hedge funds and other institutional investors own 81.51% of the company’s stock.

HCKT has been the topic of several recent analyst reports. SunTrust Banks, Inc. initiated coverage on shares of The Hackett Group in a report on Thursday, June 15th. They issued a “buy” rating and a $19.00 price objective on the stock. Zacks Investment Research upgraded shares of The Hackett Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, BidaskClub upgraded shares of The Hackett Group from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The Hackett Group has an average rating of “Hold” and an average price target of $19.25.

Shares of The Hackett Group, Inc. (NASDAQ HCKT) opened at 15.31 on Friday. The firm’s 50-day moving average is $14.31 and its 200-day moving average is $16.09. The firm has a market capitalization of $441.98 million, a price-to-earnings ratio of 20.39 and a beta of 0.87. The Hackett Group, Inc. has a 12-month low of $13.24 and a 12-month high of $20.69.

The Hackett Group (NASDAQ:HCKT) last released its quarterly earnings data on Tuesday, August 8th. The business services provider reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.02). The Hackett Group had a return on equity of 27.74% and a net margin of 8.42%. The business had revenue of $73.60 million for the quarter, compared to analysts’ expectations of $74.36 million. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The Hackett Group’s quarterly revenue was down 2.6% compared to the same quarter last year. Equities research 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 initiated a stock repurchase program on Tuesday, August 8th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the business services provider to purchase up to 17% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

TRADEMARK VIOLATION NOTICE: This article was reported by Watch List News and is the sole property of of Watch List News. If you are viewing this article on another website, it was copied illegally and reposted in violation of US & international copyright & trademark law. The correct version of this article can be viewed at https://www.watchlistnews.com/the-hackett-group-inc-hckt-stake-lowered-by-bank-of-new-york-mellon-corp/1614361.html.

The Hackett Group Profile

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.

Want to see what other hedge funds are holding HCKT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Hackett Group, Inc. (NASDAQ:HCKT).

Institutional Ownership by Quarter for The Hackett Group (NASDAQ:HCKT)

Receive News & Ratings for The Hackett Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Hackett Group Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.