In an amended filing with the U.S. Securities and Exchange Commission, Claus Moller’s P2 Capital Partners has revealed trimming its stake in Forrester Research Inc. (NASDAQ:FORR). The filing showed that P2 Capital Partners currently holds 1.44 million shares of the company. The stake is equivalent to 7.4% of common stock outstanding and represents a decrease from 1.51 million shares the fund held at the end of 2013.
Forrester Research Inc. (NASDAQ:FORR) is a global research and advisory firm serving professionals in 13 key roles across three distinct client segments. The company has a market cap of $726.2 million, with the stock trades at a P/E ratio of 70.95, and has a beta of 0.54. The consensus average target price is $39.00, and consensus average recommendation is ‘Hold’.
For the first-quarter of 2014, the company posted, on a GAAP basis, a net loss of $0.1 million, resulting in no earnings per diluted share, compared with net income of $2.2 million, or $0.10 per diluted share, for the same period in 2013. It reported total revenues of $73.1 million for the first quarter of 2014, compared with $71.4 million for the same period in 2013, according to a statement.
Additionally, Forrester Research Inc. (NASDAQ:FORR) said that its board of directors approved a quarterly dividend of 16 cents per share. The dividend will be paid June 18, 2014, to shareholders of record on June 4, 2014.
Moreover, the company announced that its board authorized a $25 million increase in the company’s stock repurchase program, bringing the total available repurchase authorization to around $45.1 million.
Among the largest shareholders of the company include Chuck Royce’s Royce & Associates, which held 489,157 shares, and Jim Simons’ Renaissance Technologies, which disclosed ownership of 301,300 shares of the company as of the end of December 2013.