Resources Connection Inc. (RECN) Shares Down 2.7%
Shares of Resources Connection Inc. (NASDAQ:RECN) were down 2.7% during trading on Thursday . The stock traded as low as $15.15 and last traded at $15.16, with a volume of 375,212 shares changing hands. The stock had previously closed at $15.58.
Several analysts recently weighed in on RECN shares. Robert W. Baird reiterated a “buy” rating on shares of Resources Connection in a report on Saturday, April 9th. Zacks Investment Research upgraded shares of Resources Connection from a “sell” rating to a “hold” rating in a report on Thursday, June 9th.
The firm’s 50 day moving average is $14.99 and its 200-day moving average is $14.75. The company has a market capitalization of $550.66 million and a PE ratio of 18.49.
Resources Connection (NASDAQ:RECN) last issued its earnings results on Thursday, July 14th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.02. The company had revenue of $152.20 million for the quarter. During the same quarter in the prior year, the firm earned $0.21 EPS. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. Analysts expect that Resources Connection Inc. will post $0.88 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 16th. Stockholders of record on Thursday, May 19th were given a $0.10 dividend. The ex-dividend date of this dividend was Tuesday, May 17th. This represents a $0.40 annualized dividend and a dividend yield of 2.67%.
In other news, Director Anne Shih sold 2,430 shares of the stock in a transaction that occurred on Wednesday, May 11th. The shares were sold at an average price of $15.08, for a total value of $36,644.40. Following the sale, the director now directly owns 30,132 shares in the company, valued at $454,390.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Other institutional investors have recently made changes to their positions in the company. Jennison Associates LLC purchased a new position in shares of Resources Connection during the fourth quarter valued at about $1,012,000. Brandes Investment Partners LP increased its position in shares of Resources Connection by 21.9% in the fourth quarter. Brandes Investment Partners LP now owns 69,334 shares of the company’s stock valued at $1,133,000 after buying an additional 12,466 shares during the last quarter. Sawtooth Asset Management Inc. increased its position in shares of Resources Connection by 7,495.3% in the fourth quarter. Sawtooth Asset Management Inc. now owns 66,079 shares of the company’s stock valued at $1,080,000 after buying an additional 65,209 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Resources Connection by 3.1% in the fourth quarter. New York State Common Retirement Fund now owns 94,402 shares of the company’s stock valued at $1,543,000 after buying an additional 2,800 shares during the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Resources Connection by 1.8% in the fourth quarter. California State Teachers Retirement System now owns 69,669 shares of the company’s stock valued at $1,138,000 after buying an additional 1,247 shares during the last quarter.
Resources Connection, Inc is a multinational consulting firm. The Company’s operating entities primarily provide services under the name Resources Global Professionals (RGP). It provides consulting and business initiative support services to its global client base in the areas of accounting; finance; corporate governance, risk and compliance management; corporate advisory, strategic communications and restructuring; information management; human capital; supply chain management; healthcare solutions, and legal and regulatory.
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