Resources Connection Inc. (RECN) Announces Quarterly Earnings Results
Resources Connection Inc. (NASDAQ:RECN) announced its earnings results on Wednesday. The company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Resources Connection had a net margin of 5.09% and a return on equity of 8.86%. The firm earned $143.40 million during the quarter, compared to analysts’ expectations of $187.46 million. During the same period in the prior year, the company posted $0.19 EPS. The company’s revenue was down 3.3% compared to the same quarter last year.
Resources Connection (NASDAQ:RECN) traded up 1.35% on Wednesday, reaching $14.97. 200,382 shares of the company traded hands. The stock has a 50 day moving average of $14.82 and a 200-day moving average of $14.88. The stock has a market capitalization of $542.59 million, a price-to-earnings ratio of 18.48 and a beta of 1.31. Resources Connection has a 1-year low of $12.30 and a 1-year high of $18.71.
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 21st. Investors of record on Wednesday, August 24th were paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.94%. The ex-dividend date was Monday, August 22nd. This is an increase from Resources Connection’s previous quarterly dividend of $0.10. Resources Connection’s dividend payout ratio (DPR) is currently 54.32%.
A number of large investors have recently made changes to their positions in RECN. BlackRock Investment Management LLC boosted its stake in shares of Resources Connection by 7.7% in the second quarter. BlackRock Investment Management LLC now owns 174,056 shares of the company’s stock valued at $2,573,000 after buying an additional 12,412 shares during the period. BlackRock Inc. boosted its stake in shares of Resources Connection by 223.8% in the second quarter. BlackRock Inc. now owns 9,357 shares of the company’s stock valued at $139,000 after buying an additional 6,467 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Resources Connection by 0.9% in the second quarter. BlackRock Fund Advisors now owns 2,401,325 shares of the company’s stock valued at $35,492,000 after buying an additional 21,719 shares during the period. BlackRock Group LTD boosted its stake in shares of Resources Connection by 7.7% in the second quarter. BlackRock Group LTD now owns 67,324 shares of the company’s stock valued at $995,000 after buying an additional 4,825 shares during the period. Finally, TFS Capital LLC boosted its stake in shares of Resources Connection by 36.8% in the second quarter. TFS Capital LLC now owns 16,386 shares of the company’s stock valued at $242,000 after buying an additional 4,406 shares during the period. 87.39% of the stock is currently owned by institutional investors.
RECN has been the topic of several recent analyst reports. Zacks Investment Research raised shares of Resources Connection from a “sell” rating to a “hold” rating in a research note on Thursday, June 9th. Deutsche Bank AG initiated coverage on shares of Resources Connection in a research note on Wednesday, August 17th. They issued a “sell” rating and a $13.00 price target on the stock.
About Resources Connection
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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