Formula Growth Ltd. Invests $688,000 in Robert Half Inc. $RHI

Formula Growth Ltd. bought a new position in shares of Robert Half Inc. (NYSE:RHI) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,400 shares of the business services provider’s stock, valued at approximately $688,000.

Other hedge funds have also recently bought and sold shares of the company. Assenagon Asset Management S.A. purchased a new position in shares of Robert Half in the 2nd quarter valued at $7,727,000. Crescent Grove Advisors LLC acquired a new position in shares of Robert Half during the 1st quarter valued at $497,000. California State Teachers Retirement System lifted its holdings in shares of Robert Half by 25.0% during the 1st quarter. California State Teachers Retirement System now owns 119,848 shares of the business services provider’s stock valued at $3,044,000 after acquiring an additional 23,994 shares in the last quarter. Cornerstone Capital Inc. purchased a new stake in Robert Half during the 2nd quarter worth $8,136,000. Finally, Royce & Associates LP boosted its position in Robert Half by 2,657.4% during the 4th quarter. Royce & Associates LP now owns 322,201 shares of the business services provider’s stock worth $8,751,000 after purchasing an additional 310,516 shares during the period. Hedge funds and other institutional investors own 92.41% of the company’s stock.

Robert Half Trading Up 0.9%

RHI stock opened at $44.94 on Friday. Robert Half Inc. has a twelve month low of $21.83 and a twelve month high of $46.70. The company has a market capitalization of $4.60 billion, a P/E ratio of 39.08 and a beta of 0.79. The firm has a 50 day simple moving average of $38.20 and a 200-day simple moving average of $30.57.

Robert Half (NYSE:RHI) last posted its quarterly earnings results on Thursday, July 23rd. The business services provider reported $0.26 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.26. Robert Half had a net margin of 2.17% and a return on equity of 9.18%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the company posted $0.41 earnings per share. The firm’s quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts predict that Robert Half Inc. will post 1.27 EPS for the current year.

Robert Half Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, August 25th will be given a $0.59 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $2.36 annualized dividend and a dividend yield of 5.3%. Robert Half’s payout ratio is presently 205.22%.

Analyst Upgrades and Downgrades

Several research firms have commented on RHI. BMO Capital Markets raised Robert Half from a “market perform” rating to an “outperform” rating and set a $47.00 price objective on the stock in a research report on Monday, July 27th. Robert W. Baird set a $47.00 target price on Robert Half in a research report on Monday, July 27th. Truist Financial increased their target price on Robert Half from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. The Goldman Sachs Group increased their price objective on shares of Robert Half from $26.00 to $29.00 and gave the company a “sell” rating in a research report on Friday, July 24th. Finally, Weiss Ratings raised shares of Robert Half from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, August 18th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $34.75.

Robert Half Profile

Robert Half International Inc, founded in 1948 by Robert Half, is a global professional staffing and consulting firm headquartered in Menlo Park, California. As a pioneer in specialized staffing, the company has built a reputation for matching skilled professionals with leading organizations across a range of industries. Robert Half’s shares trade on the New York Stock Exchange under the ticker RHI, reflecting its position as one of the longest‐standing and best‐known firms in the staffing sector.

The company offers a comprehensive suite of services, including temporary staffing, permanent placement, and consulting solutions.